Over the past two hours, Bitcoin (BTC) has started to break out of a consolidation pattern that has trapped the price of the cryptocurrency in the high-$8,000s for some two days. In fact, just minutes ago as of the time of writing this article, the leading crypto asset tapped $9,120, surging higher as the weekly candle’s close approaches, boding well for bulls.<\/p>\n
While Bitcoin has retraced slightly since then, returning to settle around $9,000, analysts say that this breakout, which has allowed BTC’s price to reach a multi-month high, is a precursor to even more gains in the coming days.<\/p>\n
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Firstly, CryptoDude earlier Saturday noted<\/a> that $9,080 is a “critical level” from a high time frame perspective for Bitcoin. If BTC manages to hold above this key resistance on a weekly basis when the candle closes on Sunday night, it will indicate that there is a macro reversal on the horizon, one that will bring BTC back to the $14,000 high seen last year and potentially beyond, especially with the upcoming halving.<\/p>\n $BTC<\/a> Critical level at higher TFs, will try my chances with a short if it closes below this range at 4H – bulls have held it well so far with 2 touches yet no break therefore I'm not confident enough in getting in a position now.<\/p>\n Flat, caution for bulls if they lose support. pic.twitter.com\/Bs7YNf0HgT<\/a><\/p>\n — the dude (@cryptodude999) January 19, 2020<\/a><\/p><\/blockquote>\n\n