{"id":410503,"date":"2020-01-10T19:30:20","date_gmt":"2020-01-10T19:30:20","guid":{"rendered":"https:\/\/wncen.com\/?p=410503"},"modified":"2024-06-11T13:36:28","modified_gmt":"2024-06-11T13:36:28","slug":"bitcoin-decisively-retakes-8000-whats-next-for-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-decisively-retakes-8000-whats-next-for-crypto\/","title":{"rendered":"Bitcoin Decisively Retakes $8,000: What’s Next for Crypto?"},"content":{"rendered":"

After falling by over 8% from the local top at $8,460, Bitcoin<\/a> (BTC) has started to mount a comeback over the past few hours. The cryptocurrency, since hitting prices just under $7,700 earlier today, is now trading around $8,100, seemingly trying to retake the key $8,000 support region, which has been of historical relevance.<\/p>\n

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(This surge comes shortly after Elon Musk \u2014 yes, the Elon Musk that runs SpaceX and Tesla and also co-founded PayPal and a bajillion other companies \u2014 mentioned Bitcoin on Twitter. More information on that can be found at this link<\/a>. We’re not saying this is correlated, but it is somewhat eerie.)<\/p>\n

Related Reading: Analysts Think Ripple\u2019s (XRP) Price Chart is \u201cAbsolute Trash\u201d: Here\u2019s Why<\/a><\/h6>\n

While this move is recent, what are analysts thinking of this latest move in the BTC price? Do they expect it to have a wider effect on the crypto market’s trajectory?<\/p>\n

What’s Next for Bitcoin After Move Back to $8,000<\/strong><\/h2>\n

While not an entirely explosive move higher, the bounce from the $7,700 region is notable. Prominent cryptocurrency trader Josh Rager noted<\/a> that Bitcoin “bounced and closed at support,” as marked on his chart.<\/p>\n

This means that the “price doesn’t look bad [as it] held where it needed [to],” before adding that the recent close sets the stage for a tight Bitcoin range to form between $7,700 and $8,400, which could be a precursor to an explosion high ahead of Bitcoin’s May 2020 block reward reduction.<\/p>\n

https:\/\/twitter.com\/Josh_Rager\/status\/59096065<\/p>\n

Prominent Bitcoin trader Storm noted that according to a key trend indicator on the four-hour BTC chart, bulls remain in control (as of 20 hours ago), adding that he thinks it’s thus worth buying the cryptocurrency between $7,700 to $7,900 to factor in the potential upside.<\/p>\n

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Very nice 4H trend change on the accATR, definitely worth picking up spot 7700-7900 pic.twitter.com\/hSLPM7iQtg<\/a><\/p>\n

— storm (@stormXBT) January 9, 2020<\/a><\/p><\/blockquote>\n