The price of Bitcoin (BTC) has finally cracked the $9,000 level that it’s been threatening to break above for the past few weeks. Despite a bullish start to the year, the asset faltered before achieving a much-anticipated rally.
After a minor test two weeks ago that saw it rejected back to £8,300, the coin has regained its composure, climbed past resistance and now looks to be holding its place in the $9,000 to $9,100 range.
Analysts and commentators in both the news and on crypto forums seem generally positive about the crypto market as a whole, with Twitter user Bitcoin Macro (@BTC_Macro) recently noting Bitcoin’s impressive performance throughout 2019. The leading crypto asset outperformed not only gold but also the stock price of several major tech companies, including Apple, Facebook, and Tesla.
Even Apple’s impressive 115% stock price increase last year didn’t match Bitcoin’s 140% gains. However, while the stats may be good for those who bought in January 2019, they will be little consolation for those who bought a year earlier – the price of Bitcoin is still down by almost 50% since January 1st, 2018.
However, not everybody is so positive as it may be too early to take this as a sign of a significant rally. Bitcoin is only barely treading water above $9,000 and has not yet hit previous resistance levels at $9,170. Some analysts fear there is not enough buying momentum to break this point just yet, risking a pullback to support on the Fib 161.8% line at $8,637.
XRP going up?
XRP is another coin receiving some bullish attention. TradingView analyst ‘TradingShot’ has laid out a fairly detailed prediction that foresees incoming gains for XRP based on the weekly MACD and 50- and 100- weekly SMA’s looking to form a bullish cross soon.
This comes hot on the heels of Amsterdam Stock Exchange trader Michael Van De Poppe noting signs of an incoming XRP rally that could take the asset up 175% to $0.48 a coin. XRP has not made the same impressive gains lately as those observed by Bitcoin, with the price only briefly moving above $0.24 before retracing to current levels around $0.23.
Still, overall, January has been good to the crypto market with every top 10 coin well and truly in the green. Bitcoin SV, in particular, is up over 200%, with EOS, Litecoin (LTC) and Cardano (ADA) up almost 50% each and Ethereum (ETH) and Binance Coin (BNB) up 30% or more.