3 REASONS WHY BITCOIN JUST CRANKED BACK TO $8,000

Posted 07 January, 2020

The total market capitalization of the encryption market has just reached a five-week high of $ 212 billion. The end of November was the latest market trend, but fell to a minimum of $ 175 billion the following month. USD. Cryptocurrency markets have grown 11.5 percent since the start of the year, or just over $ 20 billion, but it's too early to start a rally.

As usual, bitcoin was one of the catalysts for the bullish momentum. According to Tradingview.com, BTC rose from the daily upper limit by about $ 7,500, reaching a 47-day high of $ 8,000.

bitcoin tradingview chart

 

So far this year, BTC has grown by 9.5%, with the last about 8 hours being the highest. Since then, the psychological barrier has somewhat removed, but at the time of writing, the price of bitcoin was only 7900 dollars.

FRESH CAPITAL INTO STOCKS AND SAFE HAVENS

The growth of bitcoins seems to have been driven by the wider global financial flow to stock markets and commodities such as gold and oil. According to charts, gold prices today reached a six-year high.

Since the US air strike on Iran’s goals, tensions have increased, and investors have turned to safe assets, which now include bitcoins.

 

BTC TRADERS NOT TETHER

A recent IntoTheBlock study found that very few BTCs change hands to this level, so the break was no more than $ 8,000. Currently, the market is ignoring these findings as BTC bulls are pushing this resistance zone more strongly.

After a six-week consolidation period, traders seem tired of this low range of $ 7,000 and have risen to cryptocurrency levels.

It has also recently been reported that Tether printers burned out again, according to a jump in market cap at Coinmarketcap.com. Later, Bitfinex service manager Paolo Arduino in the Twitter noted that the CMC had just added USDT to the Tron chain and there were no new problems.

 

BITMEX LIQUIDATIONS

Bitcoin price usually goes down when BitMEX has undergone significant shorts removal. A review of the data reveals that nearly $ 8 million has been removed in the last 6 hours, further boosting it.

bitmex btc shorts liquidation

 

WHERE NEXT FOR BITCOIN PRICE?

Analyst and bitcoin proponent Tone Vays has eyed the next level of resistance around $8,300.

 

Using technical analysis in his video, Weiss identified a pair of trend lines that were interrupted in shorter periods. He compared the rally with a note in late November that this pump alone is not enough to mark the long-term bull market for bitcoins.

He believes the likelihood of the bitcoin price falling below $ 7,000 still remains at 60%. The weekly chart is still not that impressive, and candles should start closing at more than $ 8500 to gauge real growth.

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