Bitcoin price tops $9,000

17 Jan 2020

Following two days of cryptocurrency market consolidation in the $8,000s, Bitcoin broke 3% higher from the $8,700 range to reach the key $9,000 point.

At the time of writing, the world’s largest cryptocurrency by market cap has paused, reducing to $8,950, following apparent immense selling pressure at the $9,000 point.

Although Bitcoin has not yet made a daily price close over the $9,000 mark, according to analysts it sets a positive precedent. According to News BTC, a 30% rally to $11,500 could soon be on the cards.

This should result in bullish price action for other cryptocurrencies, such as Ethereum and XRP.

Furthermore, crypto market indicators have all turned bullish, highlighting another move higher may be on the way.

Bitcoin has exceeded several key moving averages, including the 128-day simple moving average (SMA), 200-day exponential moving average (EMA), 50-week SMA, and 100-week SMA.

Momentum within the cryptocurrency market is almost completely bullish, says News BTC, and should Bitcoin reclaim the 200-day SMA, there may be a full-blown rally.

In addition, the Lucid Stop and Reversal indicator, which “signals a stop and an entry in the opposite direction” when it reverses, has published its first buy signal since March last year. This was before a 330% rally that saw Bitcoin move above $10,000 and other crypto assets were driven much higher.

This latest surge follows a report from crypto and blockchain analytics firm, Glassnode stating that the Bitcoin network’s mean hash rate has just reached a one-year high of 125 exahashes.

Although there is not an instant association between Bitcoin’s hash rate and prices, miners continuing to introduce resources into cryptocurrencies is positive in the long-term.

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