View.Bitcoin violated crucial resistance near $8,460 on Tuesday, strengthening the case for a rise to the 200-day average at $9,100.
Bitcoin jumped sharply on Tuesday, violating key resistance and opening the doors for a test of a widely followed technical line above $9,000.
The number one cryptocurrency by market value added nearly $800 to its price and ended the day with 8.74 percent gains - the biggest single-day gain since Dec. 15, according to CoinDesk's Bitcoin Price Index.
Bitcoin had reversed higher from an eight-month low of $6,425 to score its first double-digit gain since Oct. 25.
At press time, bitcoin is changing hands near $8,710, representing a 1.4 percent gain on a 24-hour basis.
Bitcoin rose more than 8 percent and closed well above $8,463 on Tuesday.
The breakout above the lower high was accompanied by the strongest buying volumes since Nov. 25, according to Bitstamp data.
Volumes also rose sharply on major exchanges like Bitfinex and Coinbase, which are included in the calculation of Bitwise's "Real 10" bitcoin trading volume listing along with Bitstamp.
All in all, bitcoin looks set to pass the psychological resistance of $9,000 and test the 200-day MA at $9,100 in the short-term.
The short-term bullish view would be invalidated if prices find acceptance under Tuesday's low of $8,105.
Bitcoin Eyes $9K After Biggest Single-Day Rise in a Month
Published on Jan 15, 2020
by Coindesk | Published on Coinage
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