Bitcoin Continues Upward Trend towards $9,500, Eyes $10,000

Bitcoin Continues Upward Trend towards $9,500

Bitcoin (BTC) has continued its upward trend, rising 37 percent in January. Apart from that, the world’s biggest cryptocurrency has found support at $8,200 earlier this week, which led to a continuation of the upward trend towards $9,500.

A new uptrend has begun this month, as buyers stepped in at every support / resistance test. This is evident in the fact that the monthly candle closed yesterday, reflecting a bullish signal.

BTC has moved towards the next resistance that is described as a ‘major hurdle’ as shown in the chart below.     

    

The $9,500 resistance is huge, given that the cryptocurrency has jumped multiple times at this point over the summer of 2019. If BTC breaks this resistance, it may continue to the $10,900 level, breaching the psychological barrier at $10,000.

The total market capitalization is clearly testing $215 billion support level, which was expected. Then, the market cap moved to another hard resistance of at $240-245 billion, compared with $9,500 for BTC.

We should take in account that the chart also contains a bearish sign which should be observed. If the total market cap declines below the $240 billion level, the expected negative divergence will be confirmed.

Cryptolydian earlier reported analyst Michaël van de Poppe as saying that the digital asset often needs to retrace back to the support before resuming an uptrend, and this usually takes place after breaking the main overhead resistance.

The upcoming halving is set to take place in May 2020, and this is considered a very important event in the history of Bitcoin. The halving is expected to boost the price of the world’s biggest cryptocurrency by May 2020.

Bitcoin investors are eagerly awaiting this event which would push the Bitcoin higher to hit an all-time high like 2017.

The halving, which is expected to take place in May this year, could change the price of Bitcoin forever. This event has already taken place twice before.

A new survey by Bank for International Settlements (BIS) revealed that 20% of world’s population may have access to a central bank digital currency (CBDC) within three years.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.