Ken Chigbo
Independent Analyst
- Bitcoin jumps 4% as newswires re-run G20 draft document: G20 considers crypto to be an asset rather than a currency.
- BTC/USD breaks out from a bullish pennant formation on the 1-hour time frame.
The Bitcoin price has recently jumped by 4% higher, as BTC/USD breaks out of a bullish pennant pattern seen on the 1-hour time frame. Market players are picking up on comments being re-run from major newswires, out of a G20 draft document, that G20 considers crypto to be an asset rather than a currency.
It has been evident on several occasions, headlines being re-run by other major newswires, that may be triggering market participants to jump on the previously reported news. See full story covered early, read more.
Technically, BTC/USD has seen a move out of the bullish pennant pattern, which now paves way for a retest of the $9,000 region. Support seen at $8,500 area, trend line as part of the mentioned pattern formation on the 1-hour time frame.
BTC/USD 1-hour chart
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