- Bitcoin (BTC) soared to a new yearly high at $9,188 USD in the early trading hours on Sunday.
- The price breached a key psychological resistance signaling a possible rise to $10,000 in near term.
Bitcoin (BTC) has been on a sustained uptrend in 2020 as the crypto market reawakened in preparation of the upcoming Bitcoin halving in May. BTC/USD breached past the psychological resistance at $9,000 USD in the early Asian trading hours on Sunday, is a magical run to $10,000 USD possible in the coming days?
Bitcoin (BTC) breaches $9,000 USD, gains 4% in a day
The supersonic rise of the crypto market in 2020, led by Bitcoin, looks set to continue as the top cryptocurrency broke above $9,000 USD for the first time in 2020. The “king of crypto” currently changes hands at $9,036 on the dollar, representing over 3% increase in the past 24 hours. The spike to $9,000 started off on Tuesday when the price crossed above the rising wedge channel resistance at $8,161 USD as bulls took over a rather stagnant market.
The charge past $9K has changed the market sentiments with a number of analysts predicting a bullish momentum in the coming days. Crypto analyst and trader, Big Cheds, stated a bullish indicator that pushed the price from sub-$5,000 levels to $14,000 USD in June 2019, is forming one again. The 8-day MA and 34-day MA lines are in a crossover that signals a possible push to all-time highs if the last bull run is anything to go by.
— Big Cheds (@BigCheds) January 19, 2020
BTC to $14,000 USD before halving
Looking at the weekly charts, the price seems to have set the bottom back in November and December when the bears tested the $6,500 USD support level.
Since then, BTC/USD traded in a sideways movement before breaking out to $8,300 USD resistance level in the first week of January. Bulls charged on the price of BTC through the past week testing higher resistance levels as price breached above the weekly bearish channel. Moreover, the total trading volume on the USD pair is on the rise indicating a rise in bullish sentiments across the market.
— Bitcoin Everest Group (@BitcoinEverest) January 19, 2020
If bulls are able to keep price above the weekly rising channel resistance, a push past the psychological level at $10 K is achievable in a week or so. A breach above $10 K before the halving will set up the coin towards a target of 2019 highs of $14,000 USD and possibly ATH at $20,000 USD after halving.