Bitcoin Price Climbs up but can it break through $9,000?

The purchase amount of bitcoin climbs up by 36 percent in the last month but it faces heavy resistance in the 9,000 mark.

By Peter Floyd, Jan 17, 2020

Regardless of the RISING PRICE, BITCOIN'S MARKET DOMINANCE HAS FALLEN. Bitcoin (BTC) is once again in the green after gaining a further 2.8% over the last day. Bitcoin has been on the uptrend for almost a month, climbing from a low of $6,590 on December 17, up to a peak of $8,956 earlier today--equal to a 35.9% increase in under a month. At its current price of $8,916, a one percent increase will be needed to push on BTC over $9,000--last year, a value that has not been seen since November. You can track the price of BTC and over 500 Altcoins at COIN PRICES AND HISTORY. and you are encouraged to bookmark this site for easy reference to daily price and history of all your favorite coins.

Despite this recent growth, Bitcoin has gradually seen its market dominance erode in the previous ten days after falling from 69.1percent down to just 66% at this time. The surging price of altcoins--coins which are not Bitcoin--have sucked up a few of the markets. However, the pie is bigger for everyone. The total crypto market cap has risen by $10 billion on the last day to its present value of $245 billion. You can track BTC, Etereum, Litcoin, Dash, Rippleand all of your favorite coins at our Coin Portal This is its greatest value since November too.BitcoinBreaking the cycleWhole crypto market cap breaks out of a major downtrendOver the last six months, the entire crypto market cap has been decreasing steadily within a channel. Today, the general market cap of cryptocurrencies has just broken from the current trend. This current bullish action has led some in the community to suspect another bull run, asserting that Bitcoin started reversing its course in December.In his daily market commentary today, eToro analyst Simon Peters said,"$9,000 BTC would be a test because it is seen as a key resistance level, both from a technical and psychological viewpoint. Such an increase would find the price challenge the current 200 day moving average, a powerful indication that Bitcoin is currently entering into bullish territory. However, there is always the chance of retracement if the community think Bitcoin is overbought."

Analyst Peter Floyd said recently that Bitcoin may have broken out of its downward trend, moving into a new direction. "Has a new bull market began in Bitcoin?" However, warnings the Bitcoin graph may be forming a double-top pattern has put a spanner into the mixture. This is a chart pattern--indicating a drop may be on the cards. likewise, Bitcoin often sees bearish momentum in the leadup to Chinese New Year (January 25), and has seen serious losses before this date for the last five years running. However, the one thing consistent about Bitcoin is that it is unpredictable.