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Bitcoin Shows Strength, breaks above $9000 level

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The price of Bitcoin returned above $8,000 earlier this morning, after a sparse dip below that price level last week. BTC/USD has been staying steady this week as investors anticipate the next possible breakout. For the past two weeks, Bitcoin increased up to 20%.

BTC/USD Showing Strength

Despite slipping below $8,000, the price of Bitcoin bounded back quickly on Monday morning. The sparse price drop was likely due to a “whale dumping” of more than $50 million worth of digital currency in one transaction on the Bitfinex exchange platform. The fact that New York’s attorney general may take a closer look at top cryptocurrency exchange services operating in the state may have also affected.

Bitcoin price has however shown enough strength to appreciate towards $9000 Tuesday morning, showing significant optimism to retest $10,000 level again. Earlier in the day, BTC/USD took only one hour to recuperate from a sudden fall from $8,000.

For now, BTC/USD has at least set a support level at $6600, while the resistance of $9250 is set to be tested. The cryptocurrency is also trading just underneath its 20-day moving average. This implies that BTC/USD is still in the bullish region. Realistically, investors could see Bitcoin reach $10,000 later this week, while a steady support level suggests any downside would drop it back to around $8000 level

 

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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