A few hours ago, the price of Bitcoin (BTC) broke above $9,000. Compared to its previous price actions, this level has not been seen since early November. Well, this calls for a warm welcome to the bulls.

After the 11% decline last week and the late last week’s $8,200 price movement, the leading crypto asset by market capitalization surprisingly exploded even higher. At the time of writing, BTC surged to $9,400 a few minutes ago from $9,142.80.

A Further Surge for BTC Price?

Many folks have remembered how BTC bulls celebrated the tremendous price boost back in 2017 following its struggle in reaching the same height.

Although Bitcoin is still half the all-time high (ATH), many crypto analysts expect a further surge in the near term. If you’ll remember, the crypto had suffered a massive reverse in 2018. However, it was 2019 when BTC showed a slight recovery.

So, the recent price surge will serve as a big boost to most traders.

After the awful market performance last week as BTC traders were expected to have a bit trading decline ahead of coronavirus outbreak, the price has increased. On the other hand, the recent increased gave hope to many traders, while the continued surge is expected in the next few weeks.

What’s the Reason Behind for Next Price Surge?

Due to global coronavirus fear in China and beyond its borders, many assumed that it the reason behind the growing BTC price.

However, it’s also interesting to discover that social issues and global tensions aren’t only influencing factors.

Twitter CEO Jack Dorsey made a promise that he’ll help in the crypto’s development through Square Company, which is a payments company. He shared his vision of developing the Lightning Network for BTC, which is medium designed for smaller payments. The aforementioned payment service will deliver a cheap, faster payment method without BTC blockchain congestion.

Furthermore, Bitcoin is set to approach its most significant achievement as halving is just a few months away. Not only that, there’s a growing interest in cryptocurrency space along with increased searches about crypto surging over the Internet. Being part of the Google Trends, crypto experts believe that these factors will positively impact the BTC’s price.

Is $9,600 Overhead Possible?

No doubt, the unexpected price surge of Bitcoin is bullish. So, it’s no surprise why many folks expect that the crypto has to close the weekly candle above $9,557. That is to set a higher high for the latest crypto market trend.

The aforementioned close needs to concrete the idea that long-term downtrend, which led BTC to price actions from $14,000 to $6,400, is soon to end.

Overall, with the mentioned rapid price surge and influencing factors for the further hike are positive signs that the bulls can take control over the market in the next few weeks or even months. However, the bulls still need to take extra care to ensure their victory since market changes are always inevitable.