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.

Tanya Abrosimova Independent Analyst

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.

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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