- Bitcoin (BTC) continues to test new levels
- Bitcoin just broke over the $9k level
- The fundamentals of Bitcoin (BTC) are strong
Bitcoin News Today – Over the past two days, Bitcoin (BTC) has been consolidating in the high $8ks. The digital currency just surged by three percent from the $8,700 level to test the key $9k psychological and technical hurdle on Binance and other top crypto trading platforms. This is the first time the world’s largest digital currency by market cap is hitting that level over the past two months.
Since it tested a new 2020 high of $9k, Bitcoin (BTC) has paused, correcting lower to $8,950 at press time. The digital currency is currently encountering strong selling pressure at the $9k level.
Bitcoin (BTC) Price Today – BTC / USD
All Bitcoin Indicators are Now Bullish with a Possible Short-Term Rally of 30 Percent
Bitcoin (BTC) is yet to make a daily price close over the $9k mark. Nevertheless, analysts are saying that it is setting a positive precedent for the trend of the market. A prominent digital currency trader said that a 30 percent rally to $11,500 might just be next. This should even pave the way for more gains for other top digital currencies such as XRP, Ethereum, Litecoin, and more.
Indicators all over the digital currency market are now bullish, suggesting another sharp price rally in the near term. Adaptive Capital’s Murad Mahmudov recently said in a tweet that “bears are deluded at best, dishonest at worst.” He also posted a chart that shows that the digital currency has crossed over a number of key moving averages, which includes but not limited to the 128-day SMA, 200-day EMA, 50-week simple moving average, and 100-week simple moving average.
The charts show that the sentiment in the digital currency space is almost entirely bullish. If Bitcoin reclaims the 200-day simple moving average, it could experience a full-blown rally. The Lucid Stop and Reversal indicator, which indicates a stop and an entry in the opposite direction when it reverses, just printed a very bullish signal. The indicator just printed its first signal since March last year, which was before the increase of 330 percent that pushed the price of Bitcoin over the $10k level.
BTC Fundamentals Are Strong
The recent sharp increase in the price of Bitcoin (BTC) is attributed to a recent report from a digital currency and blockchain analytics company – Glassnode. According to the report, the mean hash rate of the Bitcoin network has just reached a one-year high of 125 exahashes.
While there is no instant correlation between the prices and hash rate of Bitcoin, the fact that miners are channeling more resources into mining digital currencies bodes well for the long-term trend of the industry.