bitcoin-2582593_960_720.jpg

Bitcoin Sets Six-Day High Above $9K (Then Dips Again)

Bitcoin (BTC) is trimming gains, having set a six-day high above the $9,000 mark early Saturday, according to CoinDesk’s Bitcon Price Index (BPI).

The cryptocurrency ran into bids at $8,608.62 at 00:14 UTC and jumped to $9,070.64 at 07:17 UTC – the highest level since Feb. 4. As of 12:00 UTC, the BPI is at $8,650 levels. Bitcoin has appreciated by roughly 5 percent in the last 24 hours, according to CoinMarketCap.

Still, it’s the broader context that might be most important in understanding why these small gains might tell a bigger story – BTC has now rallied more than $2,300 from Tuesday’s low below $6,000.

Meanwhile, other crypto market leaders have also witnessed solid gains in the last 24 hours. Ripple’s XRP token has jumped 30 percent (this figure was as high as 50 percent) and was last seen changing hands at $1.10.

Meanwhile, cardano and neo are also in the green, while ethereum’s ETH token is reporting a solid 5 percent appreciation.

Bitcoin chart

The above chart (prices as per Coinbase) shows:

  • The retreat from $9,090 to $8,750 has established the Jan. 17 low of $9,017.41 as strong resistance (marked by a circle).
  • Further, the descending trendline is intact.

View

  • A daily close (as per UTC) above the trendline would confirm bearish-to-bullish trend change and could yield rally to $11,695 (Jan. 28 high). A violation there would expose resistance at $12,500 (Dec. 30 low).
  • Bearish scenario: Rejection at trendline followed by a 4-hour close below $7,540 (Feb. 2 low) would shift attention to $5,873 (Feb. 6 low).

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase and Ripple.

AltcoinToday.com

Bitcoin Images via Pixabay

Source: Coindesk







This is a paid-for submitted press release. BLOCKCHAINFEEDS DOES NOT ENDORSE, NOR IS RESPONSIBLE FOR ANY MATERIAL INCLUDED BELOW AND ISN’T RESPONSIBLE FOR ANY DAMAGES OR LOSSES CONNECTED WITH ANY PRODUCTS OR SERVICES MENTIONED IN THE PRESS RELEASE. BLOCKCHAINFEEDS URGES READERS TO CONDUCT THEIR OWN RESEARCH WITH DUE DILIGENCE INTO THE COMPANY, PRODUCT OR SERVICE MENTIONED IN THE PRESS RELEASE
Shares 0

John Harkes is a freelance writer who has written for several publications in the past about topics ranging from culture to cryptocurrency.