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Bitcoin Gets Its Mojo Back; May Clear Resistance at $9700

  • Bitcoin is trading in a very positive zone and it may target $10,000 price mark any time soon if the uptrend remains intact
  • After a two-day long sideways trading, BTC strongly surged yesterday and cleared major resistance near $9500 and $9600
  • Currently, the coin is in the consolidation area and may strike one more bullish break-out; those who chose buy position yesterday in BTC are fetching immense profit right now
  • Bitcoin bulls denied to rally further after they hit the $9720 price mark yesterday; the coin is firmly above $9500
  • Continuing its Bullish influence, BTC is above the 38.20% Fib level.

The two major topics making crazy rounds of news these days are:

  • Coronavirus and
  • Bitcoin

The crypto community on Twitter has managed to connect these two, despite a lack of a visible connection in between. While Coronavirus has got a large part of the world worried, few crypto believers claimed that the death-causing virus is the reason behind the recent price rise of BTC.

Amid the Coronavirus fears, a Chinese mining rig manufacturer named Microbt has given orders of delay in Shipments of the mining rigs. Notably, It is in Wuhan, China, where, the virus outbreak has happened.

While digital platforms kept examining a possible connection between the virus and Bitcoin, the coin surprised the traders with yet another bullish price spike. The steady and gradual price rise that started on February 4 has led Bitcoin above $9700 yesterday. Here, it has surpassed major price barriers near $9500 and $9600.

Bitcoin Price Today
BTC/USD Chart By TradinngView

After the corrections, BTC is trading at $9610 and is well acoinbove the 38.20% Fib level. The consolidation zone seems to have reliable support around $9500 while steep resistance levels appear above $9720.

The 200-day SMA line may also act as a strong support level here, and the way the 50-day SMA line is above the longer one, it shows BTC’s bullish momentum right now. Meanwhile, MACD comes across with a bit of contradiction as it heads towards a bearish zone with its MACD line on the downside.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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