Jan 29, 2020 02:30 UTC
Feb 2, 2020 at 17:54 UTC
Bitcoin Reaches $9K After Bulls Gain Control
Today, Bitcoin got up by more than 4.3%, and virtual assets are all trading in the green. At the moment of writing this post, Bitcoin was trading in the green too and the most vital coin in the market was priced at $9,011.35.
This is a significant surge that comes after some days of a normal correction that followed another important surge in prices.
The Week Starts with a Sell-Off for US Equities
According to the latest reports, US Equities began the week with a huge sell-off. All the 3 major indices are in the red during the fear of the coronavirus outbreak.
It has been now disclosed by the online publication, Daily Hodl –
“The Dow Jones industrial average has plunged 400 points. The Nasdaq Composite dropped 1.8% and the S&P 500 has slumped 1.4%.”
The coronavirus death toll has gone up by more than 80 people and there’re five confirmed cases in the US.
The same online publication, Daily Hodl, notes that the virus has now infected over 2,800 people with confirmed cases in various nations such as the US, Thailand, Australia, Malaysia, Japan, France, Singapore, Canada and South Korea.
"Every single time we see something like this happen where regular markets are down on some fear… and bitcoin goes up, it adds merit to the idea that's what bitcoin does." – @nlw
— BLOCKTV (@BLOCKTVnews) January 27, 2020
Chris Zaccarelli, the chief investment officer for Independent Advisor Alliance, in an email to Yahoo Finance, said –
“Investors are selling first and asking questions later. The Chinese economy – and possibly the world economy – will take a hit in the short run and lower prices are a rational response to the increasing spread of the coronavirus.”
Bitcoin Tests $9,000 and Is Poised to Move Higher
It’s not the first time of the year when Bitcoin surges above $9,000. Not too earlier, we disclosed that the very first level of target resistance on BTC value is seen close to the October highs at 10,350.
The values have formed a bull flag continuation chain. This is the technical analysis pattern in which BTC value breakout and then consolidate.