- Bitcoin bullish action rides on factors like the Coronavirus breakout, FED’s chair comments and the May 2020 halving.
- Bitcoin settles in a consolidation range between $10,300 and $10,355.
Bitcoin price approached $10,400 in a new bull-run that followed a recent dip to the support at $9,700. The pullback was indeed necessary for the surge above $10,000. Bitcoin is currently valued at $10,334 after correcting higher only 0.64% on the day.
Fed Chair upholds Bitcoin’s privacy
Bitcoin rose to a five-month high at $10,355 following remarks by the Federal Reserve Chairman, Jerome Powell during his testimony at the U.S House Financial Services Committee. Powell said that there is a need for digital currencies to have privacy features in reference to the soon to launch China’s digital yuan. Powell stated:
A ledger where you know everybody's payments are not something that would be particularly attractive in the context of the U.S.
While the recent surge seen in the last 24 hours is attributed to Powell’s comments. The growth over the last couple of months has been linked to other key factors such as the May 2020 Bitcoin halving event, the China Coronavirus outbreak, and increased institutional buying activities.
Bitcoin price technical picture
Bitcoin is settling after the incredible rise from $9,700. Technical indicators suggest that Bitcoin will continue to stay bullish in the coming sessions. The RSI is holding the ground 70 and even leveling to show that sideways action is probable. The momentum indicator doubles down on the sideways action as it moves horizontally at 611.
Initial support is seen at $10,250 in the case a reversal ensues. Other key levels traders need to keep in mind are $10,250, the 100SMA on the 4-hiur chart and $9,700. The primary support for Bitcoin lies at $9,000 - $9,250.
BTC/USD 1-hour chart
-637170878294819588.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.