Bitcoin price has made another big move a couple of hours ago as it pulls out of short term consolidation and tapped a two month high. The move came after another mass liquidation of shorts on BitMEX to the tune of almost $40 million.
Bitcoin Price Closes on $8,600
After a three day period of consolidation around the $8,100 bitcoin started to move again. Within a couple of hours, BTC had broken through resistance at $8,400 and carried on higher to tap a two month high just below $8,600 according to Tradingview.com.
Bitcoin has now hit its highest price for the year and has recorded a gain of 20% since New Year’s Day. Technical signals are now turning bullish, one of them is the daily Ichimoku Cloud as noted by crypto traders.
The daily Ichimoku Cloud (traditional settings) is now fully bullish. $BTC #Bitcoin pic.twitter.com/ewaBeIexeW
— Financial Survivalism (@Sawcruhteez) January 14, 2020
The resistance currently lies around $8,600 where bitcoin appears to have halted for now. The next level of longer-term resistance is above…