Bitcoin Erases Early Gains, Back Below $9k Barrier

Bitcoin moved briefly above the $9,000 barrier on Friday after a bullish behavior earlier overnight. The The most significant cryptocurrency kicked off today’s trading on a positive note, moving from below $8,700 to $9,009, but later on reversed its upturn to $8.841 level

Simon Peters, eToro analyst and crypto expert, said:

“$9,000 would be a test as it is seen as a key resistance level, both from a technical and psychological point of view…Such an increase would also see the price challenge the current 200-day moving average, a strong indication that bitcoin is entering into bullish territory.”

He added:

“However, there is always the risk of retracement if the community thinks bitcoin is overbought.”

A similar rally was seen across the board, with coins in the top 10, including Ether, XRP and Binance coin, nearing two-month highs. Altcoins extended their bullish trend, while Ethereum Classic led the way up with a rise of above 30% to $9.82. Ethereum rose 6.5% to trade at $172.

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