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Bitcoin Breaks $8,000 Barrier and Now Trading at $8,150

January 7, 2020 at 21:35 by Matt Jackson

Bitcoin looks set to post its fifth set day day of profits. Having started the day $7,750, the cryptocurrency started to make consistent gains at around 15:00 GMT. In the proceeding five hours, it had broken through the $8,000 barrier and continued to make its way through resistance at $8,100. Some further resistance lays ahead at $8,200 but sustained volume could lead to further upside.

The world’s largest cryptocurrency started the new year at $7,175, and it had posted modest gains, by the turbulent asset’s standards. Bitcoin sceptic Peter Schiff pointed to the fact that Bitcoin had only made the same 4% gains for the year as gold, in a Tweet posted yesterday. Within hours of his message, Bitcoin prices started to rise. BTC is now up more than 12% year to date.

Although some choppy resistance is expected at the $8,100 to $8,200 level, the next major resistance level has been identified at $8,800. Analysts have also highlighted a weekly close above $8,000 for a longer-term bullish outlook. Currently, they remain neutral on their long-term analysis.

By cryptocurrency’s volatile standards, the rest of the major coins have only seen modest movements. Ripple has lost some ground after a very strong day yesterday. 24 hours ago, Ripple reached a high of $0.223 having started the day at $0.195, representing a 14% increase in its prices. However, the token has seen some correction today, falling from $0.222 to currently trade at $0.216. At one point, the token was changing hands at $0.21.

Bitcoin (BTC) is up 6.35% and is the best performing of the top 10 coins. Following some steadying of its value, it is now trading at $8,105.18. Ethereum (ETH) prices have increased 0.93% and are now $143.94. Ripple (XRP) is down 2.48% and trading at $0.215 while Bitcoin Cash (BCH) and Litecoin (LTC) have seen their prices increase by 1.62% and 2.29% with the coins costing $242.72 and $46.44 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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