We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

Bitcoin – BTCUSD Tests the Resistance at $8800

Βitcoin price BTCUSD
Βitcoin - BTCUSD

Bitcoin – BTCUSD trades to the upper bound of the recent consolidation range. BTCUSD is 0.31% higher at $8745 approaching the $7880 recent resistance. Bitcoin has formed a base at 8500 that might provide a minor rebound up to 8800.

Disappointment comes out of Libra project as Vodafone is the 8th company to exit the Libra Association.

Meanwhile positive news for cryptocurrencies came out from some major central banks. The ECB, BOE, BOJ, SNB, BOC, and Riksbank decide to form a group to share experience on digital currencies. The central banks will explore potential cases for central bank digital currencies.

Read our Best Trading Ideas for 2020.

Bitcoin – BTCUSD Levels to Watch

Bitcoin is 0.45% higher at $8764 as the number one crypro trapped in the $8500 – $8800 trading range. The consolidation phase for BTCUSD needs to break above the $8800 barrier that might initiate another leg higher.

On the upside, first resistance will be met at $8,792 the daily top. If BTCUSD breaks above, then the next resistance stands at $9002 the 200-day moving average.  A new uptrend might start if BTCUSD breaks above $9000, while the next hurdle is at $9372 the high from November 8th.

On the flip side, immediate support will be met at $8,675 the daily low. If BTCUSD breaks below, the next support area stands at $8,454 the low from January 19th. Bitcoin has managed to rebound from that level ($8454-$8500) several times the last trading session. More offers would emerge at $8,109 the low from January 14th trading session.