• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Bitcoin BTC

Critical Resistance: Bitcoin’s Response to This Level Could Determine Its Fate

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 2 mins read

Bitcoin (BTC) experienced a sharp selloff yesterday evening that led its price to dip as low as $8,200 before it found a significant amount of buying pressure that sparked a sharp movement up to highs of $8,500.

BTC now appears to be trading just beneath a critical resistance level that is halting it from climber higher, and a break above this level could spark a massive upwards movement.

It is important to note that the cryptocurrency has struggled to garner any decisive momentum in the time since it was rejected at highs of $9,200.

Bitcoin Bounces from Intraday Lows as Bulls Fight to Maintain Control

At the time of writing, Bitcoin is trading up 1.6% at its current price of $8,500, which marks a notable climb from its daily lows of $8,200.

These lows were set late yesterday and marked an extension of the bearish momentum the crypto garnered after it broke down from its consolidation range at $8,600.

It does appear that bulls are currently making a bid to reclaim this level, although it is important to note that BTC is currently hovering just beneath a key resistance level that could prove to be challenging for bulls to surmount.

Satoshi Flipper, a prominent cryptocurrency analyst on Twitter, explained in a tweet from earlier today that this is a “critical resistance” level for Bitcoin, and that a break above this level could lead to a violent upwards movement to $9,000.

“BTC at critical resistance. Slightly front run 8100 as expected, either way, this is a classic retest playing out. Bust through the 8500-8600 level and we’ll see 9k soon enough,” he said while pointing to the below chart.

$BTC at critical resistance.

Slightly front run 8100 as expected, either way, this is a classic retest playing out.

Bust through the 8500-8600 level and we'll see 9k soon enough…. pic.twitter.com/u5afctKl1h

— Satoshi Flipper is waiting 4 clear $BTC direction (@SatoshiFlipper) January 24, 2020

BTC Could Be Over $9,000 By The End of This Weekend

As for when Bitcoin could break above this key near-term resistance level, it is important to note that its ability to continue tapping the resistance at $8,500 without incurring any swift rejection is a bullish sign.

Satoshi Flipper further went on to note in a later tweet that he believes this next upwards movement that leads BTC towards or above $9,000 will occur today or this weekend.

“BTC keeps tagging the resistance. Can only keep knocking on the door so long before breaking through. Today or this weekend IMO,” he explained.

$BTC keeps tagging the resistance.

Can only keep knocking on the door so long before breaking through.

Today or this weekend IMO.

— Satoshi Flipper is waiting 4 clear $BTC direction (@SatoshiFlipper) January 24, 2020

Unless bears step up to the plate and catalyze a massive influx of selling pressure, it does appear that this latest drop to the lower-$8,000 region was simply a blip that will be followed by further upwards momentum.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
Tweet123Share213ShareSend
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Tron

Tron Upward Price Momentum At Risk Unless Key Resistance Is Breached

55 mins ago
LUNC

LUNC Token Continues To Surge During Market Uncertainty, What’s Behind It?

4 hours ago
FOMO Erupts with HedgeUp (HDUP) Pre-sale. Investors Part from ArbDoge AI (AIDOGE) and Shiba Inu (SHIB)

FOMO Erupts with HedgeUp (HDUP) Pre-sale. Investors Part from ArbDoge AI (AIDOGE) and Shiba Inu (SHIB)

5 hours ago
HedgeUp (HDUP) Ecosystem Capitalizes on $17.2bn Alternative Market. Will Polygon (MATIC) or Shiba Inu (SHIB) Keep Up with This Force?

HedgeUp (HDUP) Ecosystem Capitalizes on $17.2bn Alternative Market. Will Polygon (MATIC) or Shiba Inu (SHIB) Keep Up with This Force?

5 hours ago
Is the Downturn Induced by SEC a Nail in Pepe’s Coffin? These are the Next Three Meme Coins to Watch

Is the Downturn Induced by SEC a Nail in Pepe’s Coffin? These are the Next Three Meme Coins to Watch

5 hours ago
Ripple

Former SEC Chairman Deserves Appreciation From Ripple, Alderoty States

7 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 week ago
  • Willing to buy new crypto: Here are the best 10...

    1 week ago
  • Best Crypto Meme Coin Presales in 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Litecoin Set For 5X Rally, But This P2E Token DigiToads Can...

    5 hours ago
  • Elon Musk Says AI Is The Most Important Technology Of Our...

    6 hours ago
  • Further Upside Prediction For Dogecoin and Shiba Inu...

    9 hours ago
  • SandBox (SAND) and Decentraland (MANA) Don’t Even Come...

    11 hours ago
  • Anticipated Break of $26.30 Solana (SOL) Price Could Signal...

    12 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.