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Bitcoin Tests $9,000 Resistance As Crypto Market Turns Green

January 17, 2020 at 12:01 by Matt Jackson

Bitcoin has reached a new 2020 high as prices tested $9,000 resistance this morning. The increase has helped push the rest of the cryptocurrency market up, with Bitcoin Cash and EOS leading the top 10 coins. Ethereum Classic, with more than 30% gains, however, has seen the biggest gains, but only a handful of the 50 biggest coins have failed to make gains on the dollar in the past 24 hours.

Bitcoin prices have reached $9,000 for the first time since November 11th 2019, more than two months ago. Trading volume has remained high over the past few days, while tensions between Iran and the US have continued to increase as Iran’s Supreme Leader, Ali Khameini, described the recent missile strikes against the US as being a “slap in the face” for Trump.

Khameini was giving his first sermon in Tehran since 2012, and said that he was willing to negotiate with any country except the US.

Recent prove movements have been linked to the growing tension between the two countries and have helped Bitcoin enjoy a stellar start to 2020. At the beginning of the year, BTC was trading at $7,250 and following a dip below $7,000 on January 2nd, it has enjoyed sustained price increases ever since. Peaking at just over $9,000 earlier today, the digital currency has enjoyed 24% price gains since the turn of the year.

Traders are eying heavy psychological resistance at $10,000, although there is a good chance of correction before this level is reached.

Bitcoin’s rise has once again seen the rest of the cryptocurrency market turn green. Ethereum Classic has breached $10 today, meaning that it has more than doubled since the start of the year, following 31% gains for the day. The Ethereum fork completed its own hard fork, codenamed Agharta, on Sunday and has used this as a springboard for price gains, as it becomes more interoperable with its sister currency, Ethereum.

Other major coins have posted double-digit gains. Tezos has increased more than 12% to trade at $1.48 while Chainlink and Cosmos have posted even bigger gains, their prices increasing 14.08% and 13.99% to change hands at $2.78 and $4.95 respectively. Bitcoin Gold and Bitcoin Diamond, two offshoots of Bitcoin that recently saw substantial gains, are among the few cryptocurrencies to see losses following correction and consolidation.

At 11:30 GMT, Bitcoin (BTC) is up 2.95% at $8,933.87 while Ethereum (ETH) has gained 4.86% and is trading at $170.68. Ripple (XRP) and Bitcoin Cash (BCH) have added 3.77% and 8.05% to their prices and now cost $0.236 and $347.11 respectively. Bitcoin SV (BSV) has posted more modest gains compared to its recent run, increasing 2.81% to trade at $316.17.

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

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