9000 USD border falls
The Bitcoin makes an impressive bull run in these hours and pulverizes the important 9000 USD border. The total market capitalization is growing to almost 250 billion USD, the hype is back in the cryptospace industry. We look at the most important events of the past few hours.
Bitcoin price in detail
The No.1 crypto currency is currently slightly above the 200-day line with a rate of 9071. When the price attacked this mark 10 days ago, it didn’t take long for it to rebound to the level of around 8500 USD. Now the signs are pointing to a breakthrough again. Should these developments be confirmed in the coming hours, Bitcoin would build up a new support range at around 9100 USD. After that, there is little in the way of an attack on the magic USD 10000 mark.
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10000 USD mark not unrealistic
In November 2019 one could witness how volatile Bitcoin can still be. Price jumps of over 30% are currently a rarity, but not impossible. When analyzing charts, traders often forget two important effects: FOMO and FUD. Shortly before the 10000 USD limit, the FOMO (Fear of Missing out) effect takes effect particularly frequently. The media usually report more often about the “digital gold” when the important USD 10000 limit is shaken. This not only results in a psychological effect where investors are afraid of missing the next uptrend. In addition, new money is pumped into the market when word of mouth is circulated through the vastness of the Internet via a unique entry opportunity.
These levels are in focus
From a bullish perspective, the Bitcoin is now approaching the resistance level at USD 9200. The moving average of the past 200 days was initially exceeded. After a permanent breach of the USD 9200 mark, the focus would quickly drop to the USD 10000 mark. On the downside, the $9000 level is gradually forming a support line. If it were to fall, the Bitcoin would move towards the USD 8800 level.
The current Bull Run comes at a good time for the Bitcoin. The third Halving Event is imminent and investors are focusing on the BTC (BTC Dominance Index: 66%). The Economic Forum in Davos and the Chinese New Year did not have any direct impact on the share price and the network appears stronger than ever before. Should the USD 10000 mark now fall, the upcoming dates, bullish forecasts by experts and the hype of investors could quickly push Bitcoin to the level of last year’s high.
Altcoins move with
Most Altcoins follow the Bitcoin on Tuesday and record small price gains. In the top 20, Cardano delivers the strongest performance with an upward trend of about 12%. Ethereum climbs above the 100-day line and is currently at a price of about 174 USD. The Bitcoin Forks Bitcoin Cash, Bitcoin SV and Litecoin started the day with the best prospects, but were unable to maintain this level and are currently moving sideways. Bitcoin Gold suffered the biggest setback in the top 50 with a price loss of about 5%. This could be due to the after-effects of the 51% attacks.
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