Bitcoin has been having a great year so far for the first month of 2020, up 28.6% since the first of January. The daily chart is looking bullish, and a golden cross is forming, but Bitcoin hasn’t crossed the 10K mark, yet. Let’s take a look at why that may be.
Bitcoin bulls have been optimistic for the new year, and the market shows it. The market’s leading cryptocurrency is up almost 30% since the beginning of the year. The recent bull run has run into resistance just shy of the psychologically important $10,000 dollar level.
1. $9,580 resistance creating strong selling pressure
One of these reasons may be the strong rejection Bitcoin faced at the October high of $9,580. Bitcoin recently broke out of a 7 month long downward channel, but it has yet to capture a higher high than the high of last October, and faced strong selling…
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