Bitcoin Surprises Traders with Unexpected Bullish Breakout on January 14

Bitcoin’s Sudden Surge

On January 14, Bitcoin surprised many in the trading community by breaking through its bullish channel and reaching notable resistance levels around $8,600. The excitement didn’t stop there—just over an hour later, the price jumped an impressive 2%, hitting local highs of $8,745.

The Roller Coaster of Volatility

After this spike, Bitcoin experienced a slight pullback, circling the $8,700 mark during a period of heightened market volatility. The thrill of the climb left traders buzzing, especially since this surge brought Bitcoin’s 24-hour gains to nearly 8%, proving resilient against resistance levels that were once believed to be impenetrable.

Expert Insights: What Do the Traders Say?

Among the traders keeping an eye on these developments was veteran analyst Tone Vays. He indicated that the BTC/USD pair might face little resistance until reaching around $8,800. However, he cautioned that not every indicator was flashing green, particularly the funding rates from the derivatives giant BitMEX, which were less than thrilling.

In a lighthearted twist, fellow contributor filbfilb expressed his cautiously optimistic view by suggesting there might be some sideways trading but sounded an overall positive note. “Maybe some chop sideways and a bit of a backtest but everything is there to make me overall bullish,” he tweeted, implying that he’s seen enough excitement to warrant hope.

Supporting Factors for Bitcoin’s Strength

What’s bolstering Bitcoin’s recent strength are a blend of factors including healthy trading volume and open interest on various futures products. As remarked by revered Bitcoin trader Murad Mahmudov, the harmony between price, volume, and open interest presents a uniquely bullish setup. Sounds like a perfect recipe for success, minus the calories!

Altcoins Join the Party

Bitcoin wasn’t the only one celebrating. Major altcoins began to dance along, with Ether (ETH) rising by 8.1% to break the $155 barrier. However, the show-stealer was undoubtedly Bitcoin SV (BSV), which skyrocketed by a jaw-dropping 45%, trading at $234. Even Bitcoin Cash (BCH) joined the fray, soaring by 22%. It seems when the market fancies a party, even the altcoins can get in on the action!