It is beginning to look increasingly as though Bitcoin\u2019s (BTC) recent rally from its early-January lows of $6,800 to its recent highs of $8,900 is much more than a fleeting relief pump.<\/p>\n
BTC bulls have been able to hold the crypto within the upper-$8,000 region for the past day, signaling that buyers currently have enough strength to sustain this rally and possibly even extend it further.<\/p>\n
One prominent analyst is now noting that Bitcoin is fast approaching a key resistance level, and if history repeats itself, a break above this level could lead the ongoing rally to turn parabolic, potentially leading it to climb 1,000% or more.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 2% at its current price<\/a> of $8,820, which is around where it has been trading at for the past day.<\/p>\n Bitcoin appears to be currently consolidating around this price level, which can be interpreted as being bullish while considering that it has not posted any type of strong retrace in the time following its rally to highs of $8,900.<\/p>\n As for what factor could be behind the recent rally towards $9,000, one analyst is noting that it appears to be an Asia-centric movement.<\/p>\n Hsaka, a popular crypto analyst on Twitter, mused this possibility in a recent tweet, noting that futures on prominent Asian crypto exchange OKEx are \u201cgoing absolutely ham.\u201d<\/p>\n \u201cMarch BTC Futures on @OKEx going absolutely ham. This coupled with the premium @binance is developing and the presence of frequent large clustered orders makes me thing this rally is largely Asia centric. As such, I’ll be monitoring the same to spot reversal signs,\u201d he noted.<\/p><\/blockquote>\n March $BTC<\/a> Futures on @OKEx going absolutely ham.<\/p>\n This coupled with the premium @binance<\/a> is developing and the presence of frequent large clustered orders makes me thing this rally is largely Asia centric.<\/p>\n As such, I'll be monitoring the same to spot reversal signs. pic.twitter.com\/S9Xy8toLuQ<\/a><\/p>\n — Hsaka (@HsakaTrades) January 15, 2020<\/a><\/p><\/blockquote>\n\n