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 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

• Bitcoin Keeps Recovery Hopes Alive With Defense of Major Average Support
• The Markets Were Already Vulnerable, Then Came Coronavirus

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

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 Keeps Recovery Hopes Alive With Defense of Major Average Support

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

• The Markets Were Already Vulnerable, Then Came Coronavirus
• Bitcoin Price Falls After One-Hour Volume Spike

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 Keeps Recovery Hopes Alive With Defense of Major Average Support

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: The Markets Were Already Vulnerable, Then Came Coronavirus

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 Price Falls After One-Hour Volume Spike
• Bitcoin Drops 2% Following Fed’s First Emergency Rate Cut Since 2008

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: The Markets Were Already Vulnerable, Then Came Coronavirus

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 Price Falls After One-Hour Volume Spike

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 Drops 2% Following Fed’s First Emergency Rate Cut Since 2008
• Why Aren’t the Candidates Talking About Digital Currency?

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 Falls After One-Hour Volume Spike

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 Drops 2% Following Fed’s First Emergency Rate Cut Since 2008

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

• Why Aren’t the Candidates Talking About Digital Currency?
• Bottom In? Bitcoin Makes 4.5% Gain as Sellers Lose Steam

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 Drops 2% Following Fed’s First Emergency Rate Cut Since 2008

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: Why Aren’t the Candidates Talking About Digital Currency?

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

• Bottom In? Bitcoin Makes 4.5% Gain as Sellers Lose Steam
• Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ

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: Why Aren’t the Candidates Talking About Digital Currency?

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: Bottom In? Bitcoin Makes 4.5% Gain as Sellers Lose Steam

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 Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ
• Bitcoin, Uncertainty and the Ultimate Narrative

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: Bottom In? Bitcoin Makes 4.5% Gain as Sellers Lose Steam

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 Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ

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, Uncertainty and the Ultimate Narrative
• Bitcoin’s Option Market Sees Low Chance of Post-Halving Rally

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 Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ

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, Uncertainty and the Ultimate Narrative

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’s Option Market Sees Low Chance of Post-Halving Rally
• Bitcoin Rallies After Biggest Weekly Drop Since November

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, Uncertainty and the Ultimate Narrative

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 Option Market Sees Low Chance of Post-Halving Rally

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 Rallies After Biggest Weekly Drop Since November
• Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)

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 Rallies After Biggest Weekly Drop Since November

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 Impacts on Bitcoin (And the IRS’s Dumb Singularity)

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

• Yemen’s Civil War Shows the Dangers of Crypto
• As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

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: Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)

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: Yemen’s Civil War Shows the Dangers of Crypto

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

• As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving
• Bitcoin News Roundup for Feb. 28, 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: Yemen’s Civil War Shows the Dangers of Crypto

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: As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

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 Feb. 28, 2020
• Bitcoin Closes on First February Price Loss Since 2014

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: As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

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 Feb. 28, 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 Closes on First February Price Loss Since 2014
• Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear

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 News Roundup for Feb. 28, 2020

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 Closes on First February Price Loss Since 2014

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 Hits US Stocks, Bitcoin Climbs, Haven Status Unclear
• Ether Futures Volume on FTX Hit Record Highs

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 Closes on First February Price Loss Since 2014

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 Hits US Stocks, Bitcoin Climbs, Haven Status Unclear

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

• Ether Futures Volume on FTX Hit Record Highs
• Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows

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: Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear

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: Ether Futures Volume on FTX Hit Record Highs

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 Sees Corrective Price Bounce After Hitting One-Month Lows
• Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market 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: Ether Futures Volume on FTX Hit Record Highs

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 Sees Corrective Price Bounce After Hitting One-Month Lows

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

• Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off
• Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter

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 Sees Corrective Price Bounce After Hitting One-Month 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: Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market 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 Drove Half of Square’s Cash App Revenue in the 4th Quarter
• February Gains Disappear as Bitcoin Drops Below $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: Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

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 Drove Half of Square’s Cash App Revenue in the 4th Quarter

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

• February Gains Disappear as Bitcoin Drops Below $9k
• Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength