The price of Bitcoin has broken through the $9,000 barrier as the recent bullish cryptocurrency trend continues. At the same time, Bitcoin is now also breaking out of a 7-month downtrend. As such, the case for a Bitcoin bull run is getting stronger.
Bitcoin rallies past $9,000 and reverses long-running downtrend
At the time of writing Bitcoin is currently trading at a price of $9,088, according to COIN360. This means that Bitcoin has broken through the psychologically important $9,000 price line. The premier cryptocurrency has been inching towards this price point for the past few weeks.
Now, however, with Bitcoin’s price having broken through the $9,000 line, it would appear that Bitcoin could be in a bull run. Multiple analysts have recently said that a 2020 Bitcoin bull run could now be imminent. Consequently, Bitcoin’s breakthrough around $9,000 lends further credence to this notion.
Perhaps even more notably, Bitcoin’s recent price surge also means the premier cryptocurrency is breaking out of a 7-month downtrend. Moreover, Bitcoin is caught in a short-term uptrend from the past low at $6,500. This means that Bitcoin has built significant price support in its continuing rise.
Earlier in January, some crypto news outlets reported that if Bitcoin would break the 7-month downtrend – which it now has – it could likely rally towards $10,000. Although nothing is certain yet, the case for further gains currently looks positive.
Numerous technical indicators suggest Bitcoin bull run
Breaking through the $9,000 barrier is a sign of strength for the Bitcoin price, and traders are already becoming bullish. Traders are reportedly keeping an eye on whether Bitcoin can sustainably cross the $9,100 price point to $9,200.
If it does, then analysts agree that the cryptocurrency market could launch into a market-wide rally. As crypto investors will know, the market as a whole usually follows Bitcoin’s price performance.
The total crypto market capitalization is now $249.53 billion, meaning it will soon likely hit a quarter of a trillion.
Furthermore, the relative strength index (RSI) also reads bullish, with a score of 66. This index focuses on quantifying assets’ momentum, and measures the magnitude of recent price changes. As such, it can estimate whether an asset is oversold or overbought.
The RSI indicator suggest that Bitcoin is still an attractive buy, indicating that the cryptocurrency likely has further to go. Nonetheless, the markets can change quickly, so it will be interesting to watch this growing bullish momentum in the coming hours and days.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.