Bitcoin Price 'Cools Off' at 8.7K After Best January Gains Since 2012

Published on by Cointele | Published on

Bitcoin calmed its bullish growth after a week of gains on Jan. 15, settling just below its highest levels in two months.

January 2020 has already marked Bitcoin's most successful start to the new year since 2012 - on Jan. 1, BTC/USD traded at $7,150, or 25% below Tuesday's peak.

Now, traders appearing to be taking stock, welcoming breathing space which steadied Bitcoin's growth in line with previous predictions.

For regular Cointelegraph contributor filbfilb, the current range was suitable for the price to "Cool off," nearing Bitcoin's 200-day moving average.

Previously, fellow trader Tone Vays had highlighted the 200MA as a likely cause of Bitcoin's bull run ceasing in the short term.

On the back of a surge in Bitcoin futures and associated options trading which Cointelegraph reported on this week, overall Bitcoin trading volumes were also up, reaching their biggest daily since late October.

In an update to his twelve-month Bitcoin price forecast, filbfilb confirmed his theory that BTC/USD was nearing the end of a reaccumulation phase, with upside more likely to characterize the coming months.

As Cointelegraph noted, others remained wary, with analyst Keith Wareing not discounting the possibility of a fresh annual low coming before Bitcoin's block reward halving in May.Controversy rises over Bitcoin SV surge.

Altcoins continued to display markedly erratic behavior compared to Bitcoin on Wednesday, with hard forks Bitcoin SV and Bitcoin Cash setting themselves apart from other major tokens.

The overall cryptocurrency market cap was $238.9 billion, of which Bitcoin's share was 66.1%.Keep track of top crypto markets in real time here.

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