{"id":411309,"date":"2020-01-17T01:00:05","date_gmt":"2020-01-17T01:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=411309"},"modified":"2024-06-11T13:40:37","modified_gmt":"2024-06-11T13:40:37","slug":"this-single-factor-suggests-bitcoins-2020-rally-is-far-from-over","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/this-single-factor-suggests-bitcoins-2020-rally-is-far-from-over\/","title":{"rendered":"This Single Factor Suggests Bitcoin’s 2020 Rally is Far From Over"},"content":{"rendered":"
Bitcoin has been holding steady around the $8,700 region after facing an influx of selling pressure that forced it to lose its previously held position within the $8,800 region. Data suggests that this selling pressure was quite massive, despite BTC only seeing slight losses.<\/p>\n
Bull\u2019s ability to absorb the majority of this selling pressure may be a sign that points to the possibility that BTC will soon see a continuation of the bullish uptrend it has been caught within throughout the past couple of weeks.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just over 1% at its current price<\/a> of $8,700, which marks a slight decline from its daily highs of over $8,800.<\/p>\n Although BTC has only seen a slight downwards movement following its recent period of sideways trading around $8,800, it is important to note that some analysts have claimed that the crypto\u2019s inability to continue extending its upwards momentum is a sign of technical weakness.<\/p>\n Bitcoin has been able to post a slight bounce from its daily lows of $8,600, and it currently appears that bulls and bears remain at an impasse.<\/p>\n One factor surrounding the cryptocurrency\u2019s recent price action that should be carefully considered is the fact that the selling pressure has been incredibly aggressive, despite there not being any type of major price drop.<\/p>\n Cantering Clark, a popular crypto analyst on Twitter, spoke about this in a recent tweet, noting that it is too early to say that BTC is in a correction, implying that it could soon see further momentum.<\/p>\n \u201cOne thing that’s worth paying attention to is how aggressive these lows were sold, yet the low never gave way. Bullish continuation is never clean. I wouldn’t call a correction just yet,\u201d he explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/canteringclark\/status\/61256706?s=21<\/p>\nIs BTC\u2019s Stability a Bullish Sign? This Analyst Thinks So<\/strong>\u00a0<\/strong><\/h2>\n