Cointree Crypto Market Update - January 17th 2020

Bitcoin is up around 8% on the week and is now trading at $8,780. In the 17 days since the start of the year, bitcoin has risen 22%.

The move upwards has been fueled by bullish news. Traders are anticipating a reduction of supply from the upcoming halving event in May, and high trading volume on new options products has reinforced the general sense of optimism. This is shown by the crypto sentiment indicator, which has swung towards 'greed' from the 'fear' of last month.

On the chart, bitcoin has broken through resistance at the top of the six-month-long bearish channel. The presence of two 'doji' candles here suggests the price is now finding a foothold before making another move in the direction of the trend.