After weeks of speculation and resistance, Bitcoin has finally broken the $9,000 mark and gotten the week to a good start.
The highest recorded price was $9,118.85.
According to analysts:
“The relative strength index is also bullish with a reading of 66 but the indicator is not yet overbought suggesting bulls could push the price higher. During strong rallies Bitcoin price can continue surging higher regardless of multiple indicators flashing overbought readings so traders are advised to keep a close eye on trading volume, the Chaikin Money Flow oscillator, and also be wary if a double top candlestick pattern forms as this would be an early sign of a short term reversal.”
While the cryptocurrency has yet to make a daily price close above they key $9,000 level, analysts say that it sets a positive precedent for this market’s trend. In fact, a prominent trader says that a 30% rally to $11,500 might just be next.
The overall cryptocurrency market cap now stands at $250.3 billion with Bitcoin dominance at 66.1%.
While there isn’t an instant correlation between Bitcoin’s all-time high hashrate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.