Bitcoin Buyers Focus $9.5k After Latest Surge Over $8.5k

News / 27.01.2020

Bitcoin was able to find a powerful buying interest over $8.2k, leading to a new surge over $8.5k. At the moment, the price is over $8.6k and it appears the buyers are focusing a surge over $8.8k and $9k.

In the previous day, it appears the $8.2k level played well, leading to a new upsurge in the price over the barrier at $8.4k.

The price was able to form a modest support base close to $8,280 and the price is currently established over the 100 hourly SMA.

Further, a look at the hourly chart of BTC against the USD revealed a surge over a key declining trend line with barrier close to $8,360. The price is currently well established over hurdles at $8.5k and $8.6k.

The next barrier is close to $8,660. If the price breaks over the barrier at $8,660, it may prompt a remarkable upsurge over the barrier zone at $8.8k. If such happens, the price of BTC could continue to the upside to the barrier at $9.2k. The sellers may have the opportunity to defend the level close to $9.5k.

A correction to the downside from the barrier at $8,660 may secure support close to $8.6k. The key support is currently close to $8,500, which is the breakout area in recent times.

Any additional declines could lead to $8.4k support or the 100 hourly SMA. Generally, the price action is positive and it appears that Bitcoin may keep rising towards the barriers at $8.8k and $9.2k in the near term.

 

Source: Cryptopress

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.