Bitcoin (BTC) awakened from its post-holiday slump, breaking easily above $8,000. A combination of geopolitical tensions and renewed appetite for trading led BTC as high as $8,360.

Bitcoin on Verge of Entering Six-Month Bullish Channel
The most recent price move also shifted the analysis of technical indicators, signaling bitcoin may be ready to follow a bullish scenario. Three technical indicators suggested a new upward drive may be possible. Bitcoin price managed to bounce off the years-long trend of higher lows. The second technical factor was a small head-and-shoulders pattern.

Has a new bull market began in #Bitcoin $BTC? 1. Market held support at lower boundary of multi-yr channel2. Small H&S bottom on daily chart3. Pending penetration of 6+ mo channelIf enough cryptocultists have been shaken out since Dec ’17, then “yes”If not, then “no”
— Peter Brandt (@PeterLBrandt) January 8, 2020

Following those two completed chart moves, bitcoin has the chance to enter a six-month appreciation channel,…

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