Bitcoin\u2019s firm bout of sideways trading over the past few days has muddied the clarity that some analysts previously had about the strength of BTC\u2019s recent uptrend, as some traders are now eyeing its recent highs of $9,200 as a mid-term top.<\/p>\n
It is important to note, however, that the crypto\u2019s bulls have been ardently defending against a drop into the lower-$8,000 region, which does point to vitality amongst buyers.<\/p>\n
Now, analysts are noting that an abundance of increasingly bullish macro factors could suggest that the crypto will soon see a movement up towards its 2019 highs.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up marginally at its current price<\/a> of $8,675, which is around the level at which it has been trading at for the past several days.<\/p>\n Yesterday, bears did attempt to spark another sharp sell-off in hopes of erasing some of BTC\u2019s recent gains, but this was quickly met with a significant amount of buying pressure that helped propel the cryptocurrency up to highs of nearly $8,800.<\/p>\n At this point, the crypto pushed up against a strong resistance level that hampered its momentum, which subsequently resulted in a slow grind downwards that has once again led it into the mid-$8,600 region.<\/p>\n Jonny Moe, one popular cryptocurrency analyst on Twitter, bullishly noted in a recent tweet that he believes if BTC is able to break above $9,200 and set a fresh local high, it will be at around $14,000.<\/p>\n \u201cIf we make another local high my money is on a $14k retest,\u201d he concisely noted.<\/p><\/blockquote>\n If we make another local high my money is on a $14k retest. $BTC<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) January 22, 2020<\/a><\/p><\/blockquote>\n\n