Bitcoin [BTC] Bull Market on the Horizon as Price Breaks Above $8450

Bitcoin [BTC] price rides with the bulls as it breaks above the resistance. The price of Bitcoin at 4: 15 hours UTC on 1st October 2019 is $8450. It is trading 5.85% on a daily scale. CME Bitcoin futures for the month of October is trading above $8500 with healthy volume growth.

Price broke above the 200-Day Moving Average at $8440. Crypto trader Josh Rager tweeted,

$BTC working on breaking back above the 200 daily MA It’s still early in the day but a nice start

Take Bitcoin charts day by day, level by level

The close at the end of the day and the price action in the next few days around the 200-Day Moving Average will be instrumental in setting a new pace. Crypto Fibonacci, another crypto trader, suggested that the pressure is from the sell-side. However, a bounce is likely. He said,

Squeeze indicator is still short, but a bigger bounce could be on the horizon. Heads up. Price needs to hold the 200 day moving average (which it has done so far).

Rager and Crypto Fibonacci estimated that on a further bullish break-out, BTC would face resistance around $8800. Tone Vays forecasts that the next significant resistance will be around $9400 (the break out levels from the descending triangle).

While the market sentiments are bullish, a reversal at the above resistance levels could be hugely detrimental.

Bitcoin Unaffected by Improvements with US-China Trade War

On the fundamental front, the network growth is consistent in hash rate and transaction volume. Moreover, on correlation with other traditional assets, Bitcoin’s price is reacting independently of it. Gold prices plunged testing lows at $1462.

The price action has been motivated by the nearing resolution of the US-China trade war. The two economic giants are moving to stem the damage from the adverse economic war. The rising debt crisis and slow down of the economy are still a factor. However, the recent quantitative easing by the Feds is favoring the equity markets.

Bitcoin [BTC] price seems to be rising independently of the issues, and much of it can be accredited to the network effect. However, the lack of correlation also increases volatility and uncertainty in the crypto markets.

The dominance of Bitcoin is at 67.5%. Altcoins are also making a positive move since yesterday.

Do you think Bitcoin [BTC] bull market will attract more traditional investors? Please share your views with us. 

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