- Bitcoin finally breaks over the $9,500 hurdle point
- Can Bitcoin hold gains over that level and head towards the $10k mark?
- The Fed continues to set the stage for Bitcoin’s bull run
Bitcoin News Today – The price of Bitcoin recently broke out of a tight range. The digital currency just surged over the $9,500 mark, but will it be able to hold gains over that crucial hurdle point? Over the past few hours, Bitcoin amassed some bullish traction and broke out of its sideways range to hit the $9,500 hurdle point.
Can Bitcoin Hold Gains over the Crucial $9,500 Level?
This sharp rally comes after a slight increase in daily trading volume since July 20. Many traders and investors are now watching to see if Bitcoin can hold gains over that crucial level. Maybe it was a technical move as the price of the digital currency has been compressing into a tighter range of lower highs and higher lows since the beginning of last month.
Bitcoin (BTC) Price Today – BTC / USD
Cointelegraph recently reported that the Office of the Comptroller of the Currency has given federally chartered US banks the green light to provide its customers with digital currency custody services. This is a welcome development as it gets rid of some of the hassle involved in acquiring and storing digital currency. This means digital currency investors can keep their digital assets in the same bank where they keep their savings, brokerage accounts, and checking.
The EU recently said it wants to start another round of stimulus and the US Federal Reserve is expected to follow suit with a $1-2 trillion economic stimulus package. These moves could further increase the belief of investors that as the Fed keeps printing money, equities will increase and the price of Bitcoin would rally over $10k.
Fed Continues to Set the Stage for BTC’s Bull Run
Due to the new rounds of stimulus packages, Tyler Winklevoss – the co-founder and CEO of Gemini Exchange – said:
”The Fed Continues to set the stage for Bitcoin’s bull run.”
The printing of new currencies by the central bank continues to push the markets higher. Silver started this week with a strong rally, and this completed a nice handle and cup patter on the daily timeframe. At press time, the asset has recorded a weekly gain of about 19.25 percent. Gold is also on its way higher, and it is pushing towards a new high of $1,874 today. Since the effect of the pandemic set in, the value of gold is up by about 29 percent.
Now that the price of Bitcoin is slightly over the $9,500 mark, investors will watch to see if it could continue to surge higher and break over the next major hurdle at $9,775 mark. A break over that level could pave the way for more gains over the $10k mark.