For over a week now, Bitcoin has been trading above the $9000 level and this has given a lot of optimism to the cryptocurrency community, however, the global stock markets have experienced a shake due to the Coronavirus (CoV) outbreak in Asia. Considering the current Bitcoin consolidation, it is highly anticipated that the BTC/USD price will soon be back to trade at five figures.
Even today, the bitcoin price has managed to remain trading above the $9.1k price level. Actually, since January 28, the world’s leading token by market cap has been moving between the range of $9.2k and $9.6k. At press time, Bitcoin is changing hands at the bottom end of this particular range, just above $9100, and it has at least been doing this for over a week now. The &-day high and low is $9,553 and $8,949 respectively, according to data from coinmarketcap. The Bitcoin 24-hour high and low is standing at $9,331 and $9,112 respectively.
As the cryptocurrency remains bullishly trading above this price level, it will gain more upbeat momentum on the trend of minimum resistance. As far as this year, BTC has managed to gain by around 30% and 2020 is not even two months old. Since there is no smoke without fire, there are some major factors behind these massive value gains at the moment, and it is more likely this rally to be maintained and even surpass that of the past years – including that of December 2017 when the Bitcoin price hit the $20k cap (crypto-bubble).
As per the cryptocurrency analysts monthly support is consolidating and last month’s candle was the biggest seen since May and June 2019 – when the BTC value reached at $13,438 with a MC of over $238.964 billion.
Secondly is the move back beyond the 21 week EMA and this is also a better indicator of a booming trading session in history books. A third good indicator, still with this cryptocurrency expert, is BTC’s weekly RSI is trending back beyond 55 a thing that can be regarded as a positive booming signal.
BTC/USD price is also back overhead the 200-day MA, a thing that adds more technical approval to existing feeling in the cryptocurrency market. Furthermore, the golden cross which is visible on the daily chart, also shows another progressive indicator for long term movement reversal.
This actually happened almost 48-hours back when the 50-day MA hit and surpassed the 200-day. And this last occurred in the month of April last year and a 200% increase trailed over the next 60 days. A related pump from today’s BTC/USD prices could trigger the original cryptocurrency to trade above the $28k after the halving that is anticipated to happen in May 2020.
Other important factors that will contribute to the booming of Bitcoin to trade with five figures in this year include: the upcoming halving and the economic distress triggered by the deadly Coronavirus outbreak in China.