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Bitcoin Price Needs to Break $7.8K to Turn Bullish

Bitcoin (BTC) is once again stuck in a range, moving for weeks between support and resistance levels around $7,000 to $7,500. Now, new analysis pegs a support of $7,800 as a sign of a new bullish trend.

Bitcoin Stuck in a Range Ahead of New Year

Bitcoin prices rallied close to $7,500 in a weekend rally, but went down again on Monday. With the year 2020 approaching, so far bitcoin has avoided the dip to the predicted $5,000 bottom, but the upward swing remains uncertain.

In its current state, bitcoin is viewed as going through another accumulation stage. Prices failed to break out from the $7,400 tier, instead returning to the usual range around $7,300. Yet the fight for even small-scale moves remains epic, raising volumes to above $23 billion in the past 24 hours.

Bull Market May Take Months to Years

But for now, analysts are in no rush to announce a new bull market. Bitcoin price action is still tracking inside a downward channel, which could take months to break before a reversal happens. Even a rally in 2020 based on more cautious predictions sees bitcoin rising to around $10,000 at most, returning to high, though not spectacular prices.

In the short term, bitcoin charts paint more phases of a battle between bullish and bearish attitudes.

Traders have diverged from bitcoin whales in the past year, seeking short-term gains, and more rarely trying to steer the price dramatically in one direction. With futures and options markets, even small BTC price moves may lead to significant gains or losses.

One of the observations giving hopes for 2020 is that BTC will follow its rate of appreciation seen in 2019. Bitcoin did not reach records, but successfully bounced off the lows of last December.

With the end-of-year rally boosting prices, BTC avoided the worst slide and the expectations for new January lows. Still, the prices tend to move lower, with resistance renewed at $7,300.

Bitcoin traded at $7,342.75 on Monday, down from a daily high on Sunday at $7,513.95. BTC stepped back as major altcoins recovered a bit faster from the recent lows. Toward the end of the year, the BTC volatility index slid from around 4% to 3.15% as price moves were locked into a smaller range.

What do you think about the potential of bitcoin to start a new rising trend? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @Josh_Rager @WiseAnalyze @@Michell76951266

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