- Bitcoin continues to break major hurdle points
- BTC has almost recovered all it lost during the COVID-19 Crash
- Bitcoin eyes the $10,000 resistance level
Bitcoin News Today – The price of Bitcoin (BTC) is on a massive bull run, surging towards the $10k mark, and returning the BTC market to its pre-COVID-19 pandemic bull run. BTC’s price, which is up by more than 30 percent since the end of March, has almost recovered all the losses during the coronavirus crash.
Bitcoin is also outperforming the S&P 500 index and the majority of assets on the market. The price of the digital currency surged higher on yesterday morning, pushing over $9k per coin before falling back to the $8,800 mark.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Is Trading at a Critical Inflexion Point
At the time of writing, the world’s largest digital currency by market cap just broke over the $9k mark again. The digital currency is now trading slightly over the $9,200 mark. According to an analyst at Stack, “Bitcoin (BTC) is currently trading at a critical inflexion, where 50-day moving averages, significant Fibonacci retracements, and 10-day moving averages converge on the daily chart.”
He also said that the digital currency could see more price action on the upside towards the $9,300 mark. However, he warned potential investors over “short-term headwinds.” BTC investors and traders are super excited due to the recent performance of the coin regardless of the pandemic and the lockdown across the globe.
The US stocks recorded some gains yesterday, adding to previous gains. Jerome Powell – the Chairman of Federal Reserve – said he is willing to go further to prop up the economy ravaged by lockdowns. During a press conference after the 2-day policy meeting of the Fed, Power said, “It may well be the case that the economy needs more support.
The Fed’s Dovish Stance Boosts Bitcoin Price
The dovish stance of the Fed has significantly boosted the price of Bitcoin (BTC) and many other assets. However, digital currency market analysts have attributed the massive rise in the price of the digital currency to a strong underlying BTC sentiment. The co-head of GSR – Rich Rosenblum – said, “Many Bitcoin investors in the market are bullish, with the majority of them having a long-term investment prospect unfazed by recent volatility.”
He added that this overall sentiment could significantly boost the price of the digital currency in the coming weeks, even though we are not entirely out of the woods yet. He also pointed to a clearer path back to the normalization of the economy and the impact of the economic stimulus at driving positive macros sentiment.
Bitcoin has put up a pretty interesting performance so far this year. The digital currency has significantly outperformed gold and most other assets since the beginning of this year.