Bitcoin has recovered above $9,300, but the upside momentum is still t gain traction. Bitcoin’s market share has been retreating as some altcoins skyrocketed in January. Bitcoin, the first and the most popular digital asset, regained some earlier losses to trade above $9,300 during early European hours. However, despite the recovery, the bulish momentum remains weak as we will need to see a strong move above $9,600 for the upside to gain traction. Bitcoin dominance falling Notably, Bitcoin has been losing its market share recently as altcoins demonstrated stronger growth in recent days. As a result, BTC’s dominance dropped to 64.5%, which is the lowest level since July 2019. Many industry players are now talking about new altcoin season and the recent XRP’s 11% surge has increased the speculations. Notably, the recent polls conducted in crypto twitter, revealed that about 50% of cryptocurrency traders hold mainly altcoins instead of Bitcoin. This phenomenon is explained by the fact that some coins have been much more profitable that Bitcoin this year. Thus, Ethereum Classic (ETC), Dash, ZCash (ZEC) and Bitcoin Gold (BTG) demonstrated tripple digit gains in January, while Bitcoin gained only 25%. BTC/USD: technical picture BTC/USD has cleared $9,300 resistance reinforced by 38.2% Fibo retracement for the downside move from July 2019 high to December 2019 low. If the breakthrough is sustained, the bullish momentum may gain traction and take the price towards the next strong resistance of $9,600. We will need to see a sharp move above this handle for the upside to gain traction towards $10,000. On the downside, if the price slips back below $9,300, we may be in for a sideways trading in a range limited by $9,300-$8,800, the lower boundary is reinforced by SMA200 daily. Once it is out of the way, the downside is likely to gain traction with the next focus on $8,250 (23.6% Fibo retracement) and $8,000 (SMA50 daily). BTC/USD daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next EUR/JPY Price Analysis: Further upside targets 121.27, the 21-day SMA FX Street 2 years Bitcoin has recovered above $9,300, but the upside momentum is still t gain traction. Bitcoin's market share has been retreating as some altcoins skyrocketed in January. Bitcoin, the first and the most popular digital asset, regained some earlier losses to trade above $9,300 during early European hours. However, despite the recovery, the bulish momentum remains weak as we will need to see a strong move above $9,600 for the upside to gain traction. Bitcoin dominance falling Notably, Bitcoin has been losing its market share recently as altcoins demonstrated stronger growth in recent days. As a result, BTC's dominance dropped to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
