On the night of Tuesday, January 14, the Bitcoin price surpassed the $ 8,500 mark. The BTC/USD keeps growing to $ 9,000. Other digital assets follow the first cryptocurrency and also reach 2-month ATH.
Almost the entire crypto market ended up in the green zone: Ethereum added more than 4.5 %, Litecoin – 6.9 %, and Ripple’s XRP – 3.5 %. Bitcoin SV cryptocurrency recorded the maximum daily growth indicator of 24.52 %.
At the same time, crypto market participants drew attention to the peculiarity of the correlation of the cryptocurrency market behavior with the indicators of the traditional assets rate. Buyers’ interest in the latter declined in favor of new financial instruments.
“The market selling gold to buy BTC?”, – some users asked this question.
The market selling gold to buy bitcoin? pic.twitter.com/oWzan7WUEh
— Su Zhu (@zhusu) January 14, 2020
Note that in parallel with the growth of BTC, a decrease in the value of the US dollar by 3% was also recorded.
BREAKING: US Dollar falls 3% within the hour against Bitcoin
— Rhythm (@Rhythmtrader) January 14, 2020
Others associate the positive movement on the digital asset market to the launch of Bitcoin options trading on the Chicago Mercantile Exchange. It turned out that in a day, the website was able to break the record of transactions with the same derivative established by the Bakkt crypto platform. The community note that the momentum allowed Bitcoin to prove its earlier positive predictions.
Delayed pattern… but, target hit. pic.twitter.com/OcI1WztU70
— Charles Edwards (@caprioleio) January 14, 2020
According to the commentators, a small increase can lead the cryptocurrency to reach the following stable levels. The nearest level is at $ 8,600.
Does Bitcoin Rate Keep Growing?
Earlier the analysts said that if Bitcoin passes the $ 8,200 mark, its price will reach the psychological level at the level of $ 10,000 soon.
At the moment, the cryptocurrency market has almost completely recovered after the last correction. Since Friday, the indicator of total market capitalization added above 5%. To date, its value is $ 227 billion.
Thus, from a technical point of view, the coin is still in an uptrend, so it is advisable to look for points to open positions with acceptable risk in the direction of the main trend.
Note that the price of BTC has been showing good dynamics since the beginning of the year, and in general, the path of least resistance has been paved up.
However, despite this, it is unlikely that from the current values of bitcoin, $ 8,800 will go up without stopping / correction. Therefore, a rollback to the upper boundary of the declining channel is likely, or deeper into the region of the resistance zone $ 7,500 – $ 7,400.