Bitcoin had shown bullishness in the past few days which prompted many analysts to say that it could be the beginning of a year the coin is sure to moon – a parlance used by crypto enthusiasts to indicate that they’re expecting the coin value to surge.
it’s 2020, we’re done with Lambos…— LilMoonLambo (@LilMoonLambo) January 7, 2020
Now we’re buying these with our Bitcoinpic.twitter.com/YSGl92aP9I
However, today the January 8, 2020, Bitcoin price plunged to $8,115 from $8,391 according to data from Coinmarketcap. This could be a correction in preparation for more upswing or the beginning of a build-up of the bears.
According to a tweet by an analyst, Josh Roger,
“Price had an initial rejection off key area $8400s that previously as resistance/support Watching for a pullback $7800s-$7900s before a bounce and push to the upside for retest Not out of the bear woods yet, take it level by level, day by day”
$BTC— Josh Rager 📈 (@Josh_Rager) January 8, 2020
Price had an initial rejection off key area $8400s that previously as resistance/support
Watching for a pullback $7800s-$7900s before a bounce and push to the upside for retest
Not out of the bear woods yet, take it level by level, day by day pic.twitter.com/Vby6KexBIQ
As we are keeping close eye on the market, it is apparent that this could be the beginning of greater bearish pressure considering that present volume at $39.1 billion which doesn’t look sufficient to counter the downward pressure.
If things are taken in proper perspective, it is obvious that irrespective of the reason for the recent price surge, BTC with its known volatility could move in any direction and what gains made wiped off. There have been insinuations that the recent US-Iran conflict is responsible for the recent upswing. With the parties likely de-escalating, it seems logical to conclude that things may quiet out a bit on the coin market front.