Bitcoin has climbed closer to the psychological $10,000 per bitcoin mark, reaching $9,570 on the Luxembourg-based bitcoin and cryptocurrency exchange Bitstamp yesterday evening.
The $200 surge lost steam, however, with the bitcoin price falling back from fresh 2020 highs amid warnings the latest rally, that’s seen bitcoin add 30% to its value in the last 30-days, might have come too fast and gone too far.
The bitcoin price has tried but so far failed to break into a bull run in 2020. Some have now warned … [+]
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Analysis of bitcoin technical data has shown the bitcoin price is currently above the upper-band limit of the GTI Vera Band Indicator—something that has twice this month signaled an imminent correction.
Back in July, the GTI Vera Band Indicator flashed warning signs before bitcoin began its steady fall from almost $10,000 per bitcoin to lows of around $6,600 seen in December.
The bitcoin price could be about to fall back to the $8,500 level, according to Bloomberg, a financial newswire.
The latest bitcoin rally comes along with an increase in the price of gold, which has climbed as investors fret over the spreading coronavirus.
“The bitcoin bid, fueled by declining equity prices amid coronavirus concerns, is indicative of crypto’s growing acceptance as a risk-off diversifier,” Bloomberg Intelligence Mike McGlone wrote in a note this week, adding that further falls in equity could be good for bitcoin.
“How long you bears going to stay bearish,” asked bitcoin and crypto analyst Josh Rager via Twitter, suggesting traders and investors should “stop with the $5,000 calls” until the bitcoin price falls under $8,000.
The bitcoin price has soared over the last week but already some bitcoin and crypto analysts have … [+]
Elsewhere, litecoin, one of bitcoin’s biggest rivals, has rallied around 10% over the last 24-hour trading period.
The reason behind litecoin’s rally were not immediately clear, however bitcoin and crypto bulls could see it as good sign, with litecoin last year front running the rest of the market—adding a whopping 350% from January to June 2019.