BREAKING: Bitcoin Price Surges Forward With a 15% Rise Towards $9,000, Here’s Why

BREAKING: Bitcoin Price Surges Forward With a 15% Rise Towards $9,000, Here’s Why

Bitcoin prices have been going through the roof recently, increasing further nearly 15 percent in approximately 24 hours and putting the world’s most popular digital currency towards the $9,000-level.

At this level, as seen on Coinmarketcap, the digital asset had hit its highest level since early March and increased more than 15 percent over around 24 hours. While describing this latest price behavior, some analysts referred to technical metrics and perceptions around the anticipated halving, that would otherwise cut the current bitcoin supply by 50%.

In these matters, Denis Vinokourov, head of research for Bequant, a London-based digital asset firm, has weighed in.

“The market was primed for a breakout, less than two weeks before the eagerly anticipated block reward halving,” he said.

“The course was not always obvious and, with plenty of liquidity in the derivatives market which would mean traders and investors were searching for downside coverage, as compared to upward risk, there has always been a prospect of retracement,” Vinokourov said. Yet at this level, he said, the situation looks more obvious.

Bullish Momentum Dominates Trend
Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, provided further insight on this issue, stressing that Bitcoin’s “price tested the 150-day moving average over the past week and eventually broke over it today, smashing the resistance at $8,200.” Heading forth, the next resistance resides around $8,700 and $9,000, “he said, adding that” Bitcoin is likely to stabilize.

Markets have experienced ‘a pivotal point’ since Bitcoin rebounded, emerging from the steep declines it’s undergone in recent times, said Stack digital asset management company co-founder and chief marketing officer, Michael Collett.

Assuming bears avoid from setting up a great deal of resistance to current trends and perpetuate themselves to holding positions on a long-term basis, we should expect to see more market action in horizontal as the excitement of the halving activates bulls who use it as a chance to buy BTC at low priced levels until a post-halving price spike,” he said.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.