The Currency Analytics
By TCA PR
A Further Surge for BTC Price?
What’s the Reason Behind for Next Price Surge?
Is $9,600 Overhead Possible?
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.
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.
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.
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.
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.
Furthermore, Bitcoin is set to approach its most significant achievement as halving is just a few months away.
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.
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.