CoinDesk Crypto

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Price Is Now Up Just 9% This Year

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: That Noise You’re Hearing? Central Banks Struggling to Evolve

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives
• Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Price Is Now Up Just 8% This Year

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: That Noise You’re Hearing? Central Banks Struggling to Evolve

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives
• Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: That Noise You’re Hearing? Central Banks Struggling to Evolve

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads
• When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens
• Bitcoin News Roundup for March 10, 2020

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin News Roundup for March 10, 2020
• Bitcoin Back Over $8K as Traditional Markets Rebound

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin News Roundup for March 10, 2020

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Back Over $8K as Traditional Markets Rebound
• Kraken Exchange Pledges India Expansion as Nation Reopens for Crypto Business

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Back Over $8K as Traditional Markets Rebound

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Kraken Exchange Pledges India Expansion as Nation Reopens for Crypto Business

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations
• What the Oil Market Says About Bitcoin’s ‘Safe Haven’ Status

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Kraken Exchange Pledges India Expansion as Nation Reopens for Crypto Business

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• What the Oil Market Says About Bitcoin’s ‘Safe Haven’ Status
• Market Liquidations Cause Cascade in Bitcoin Price

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: What the Oil Market Says About Bitcoin’s ‘Safe Haven’ Status

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Market Liquidations Cause Cascade in Bitcoin Price
• Bitcoin News Roundup for March 9, 2020

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Market Liquidations Cause Cascade in Bitcoin Price

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin News Roundup for March 9, 2020

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin, Bonds and Gold: Why Markets Are Upended in a Time of Fear
• Bitcoin’s Sharp Price Drop May Have Been Prompted by $120M Scam Sell-off

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin, Bonds and Gold: Why Markets Are Upended in a Time of Fear

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin’s Sharp Price Drop May Have Been Prompted by $120M Scam Sell-off

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Falls to 2-Month Low Below $8K Amid Global Market Rout
• Bitcoin’s Price Steady Over $9,000 As Sentiment Stays Positive

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin’s Price Steady Over $9,000 As Sentiment Stays Positive

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin News Roundup for March 6, 2020

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Maintains Gains as Global Equities Slide, US Yield Hits Record Lows
• Bitcoin Stays Above $9,000 in US Trading

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin’s Price Steady over $9,000 as Sentiment Stays Positive

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin News Roundup for March 6, 2020

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Maintains Gains as Global Equities Slide, US Yield Hits Record Lows
• Bitcoin Stays Above $9,000 in US Trading

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin’s $9,000 Price Stays Steady as Sentiment Stays Positive

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin News Roundup for March 6, 2020

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Maintains Gains as Global Equities Slide, US Yield Hits Record Lows
• Bitcoin Stays Above $9,000 in US Trading

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Maintains Gains as Global Equities Slide, US Yield Hits Record Lows

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Stays Above $9,000 in US Trading

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• How the Bitcoin Market Changed Since 2017’s Bull Run
• Bitcoin Prints Bullish Price Pattern With Move Above $9K

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Stays Above $9,000 in US Trading

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: How the Bitcoin Market Changed Since 2017’s Bull Run

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Prints Bullish Price Pattern With Move Above $9K
• BitGo Reveals Bitcoin Lending Push; $150M Booked So Far

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: How the Bitcoin Market Changed Since 2017’s Bull Run

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Prints Bullish Price Pattern With Move Above $9K

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• BitGo Reveals Bitcoin Lending Push; $150M Booked So Far
• Bitcoin Remains Steady Amid Weaker Volume

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Prints Bullish Price Pattern With Move Above $9K

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: BitGo Reveals Bitcoin Lending Push; $150M Booked So Far

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

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Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: BitGo Reveals Bitcoin Lending Push; $150M Booked So Far

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Remains Steady Amid Weaker Volume

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

• Coronavirus Rate Cuts: Australia’s Central Bank Did It First
• Bitcoin Keeps Recovery Hopes Alive With Defense of Major Average Support

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Remains Steady Amid Weaker Volume

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Coronavirus Rate Cuts: Australia’s Central Bank Did It First

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Hot air balloons image via Shutterstock; charts by Trading View

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