Bitcoin price analysis: BTC/USD gains over 3% in an hour propped by high buying interest
|- Bitcoin breaks above local resistance, more upside in store.
- Tim Draper makes another head-spinning price prediction.
Bitcoin price jumped more than 3% within an hour during the early Asian session. While the catalyst is not readily available, a combination of technical factors and market positioning might have triggered the sharp upside movement. BTC/USD broke above psychologically important resistance level $9,000, which triggered buying orders clustered around that level.
Tim Draper, famous venture capital investor Blockchain industry proponent, believes that Bitcoin is among the biggest and most important things that happened to humanity. He forecasted that Bitcoin price will grow to $250,000 in four years.
“It's bigger than the Iron Age, the Renaissance. It's bigger than the Industrial Revolution," he said speaking during the Intelligence Squared US debate in New York City on weekend.
While he is not responsible for the breakthrough, his comments helped to enhance generally positive mood on the cryptocurrency market, creating necessary conditions for the bulls.
Bitcoin price technical picture
BTC/USD is supported by $9,000 and $8,900 (50-SMA, hourly chart). If the coin dips below this area, the selling pressure may increase, to take the price towards the next local support at $8,800 (100-SMA) and $8,400. On the upside, a sustainable break above $9,050-$9,100 may take us towards the ultimate near-term goal at $9,500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.