Bitcoin (BTC) hit $9,000 on Jan. 17 as technical metrics continued to pause both local and all-time records.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC clips $9,000 as traders lie in expect

Data from Coin360 and Cointelegraph Markets showed BTC/USD finally rise to the meaning $nine,000 boundary on Friday, following a bullish run-up overnight.

At press time, a slight retracement had sent the pair slightly lower to $eight,900, with 24-60 minutes returns still at 3% and weekly functioning stronger at near 16%. Bitcoin holders are currently sitting on monthly gains totaling almost 35%.

Bitcoin 1-day price chart

Bitcoin 1-day price chart. Source: Coin360

Now, nonetheless, attending is turning to shorter time frames. For regular Cointelegraph contributor filbfilb, despite Bitcoin's bullish overall movements, the next close would exist crucial in determining short-term trajectory.

Specifically, if BTC/USD were to close below the bullish candle, which took it to current highs, the chance of a bearish reversal would be on the table. The price nether such circumstances would then paint a then-called swing failure pattern, or SFP, which in turn may keep the pair lower.

"When cost pierces above a key swing loftier but then closes back below that swing high, nosotros have a potential bearish SFP," he summarized in individual comments to Cointelegraph.

In addition, the 200-twenty-four hour period moving average, which has served as major resistance for the by ii years, is also hovering around the low $9Ks. Thus, information technology will probable present a critical barrier for the bulls if a run-up to $10,000 is to occur.

Bitcoin price vs. 200-day moving average, 2022-present

Bitcoin price vs. 200-twenty-four hour period moving boilerplate, 2022-nowadays. Source: Tradingview

Regardless, Bitcoin was exhibiting multiple trends to excite analysts as the week drew to a shut.

Hash charge per unit, a mensurate of the computing power dedicated to validating the Bitcoin blockchain, hit a new all-time loftier on Th. While figures vary, monitoring resources Coin Trip the light fantastic put Bitcoin's hash rate at 149 quintillion hashes per second.

Also making fresh progress was overall involvement in Bitcoin, with data from Google Trends showing worldwide searches for the term "Bitcoin" at their highest since tardily October.

Cointelegraph regularly reports on both hash rate and public sensation on Google Trends.

Ethereum Classic winning bet amid altcoins

Altcoins continued their highly varied bullish price action equally Bitcoin hitting 2-month highs.

Out of the top twenty cryptocurrencies past market cap, it was Ethereum Classic (ETC) which led the charge on Friday, rising over thirty% to $9.82.

Ethereum (ETH), the largest altcoin, meanwhile managed 6.5% to merchandise at $172.

Ether 7-day price chart

Ether seven-day price chart. Source: Coin360

Other solid performers were Chainlink (LINK) and Creation (Cantlet), both of which delivered around 17% 24-hour gains.

The overall cryptocurrency market cap was $245.6 billion, with Bitcoin's share at 66%.

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