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Bitcoin price hits $9000; would it stabilize?

Bitcoin price hits would it stabilize

Bitcoin price rises above $9000 mark after almost ten days of downtime in a flashy rise that took the price from $8900 range to the $9050.

The rise comes when the cryptocurrency is going through a down market with daily losses recorded on the charts while the Coronavirus epidemic continues to give a headache to one technology company after another. Facebook has reportedly shut down a Seattle office after a contractor was diagnosed with the virus just today.

Bitcoin price chart 1- 5th March 2020Bitcoin price chart by Trading View

Bitcoin price had been struggling below the $8700 mark since the start of the month, however, a build-up was observed on the 2nd of March when the BTC price hit the $8965.12 mark. Since then Bitcoin had been trading in the $8700 – $8800 range.

Bitcoin price stood at the $8746.85 mark at the start of the day today and in the past few hours, two short flash rises have been observed. At the time of writing, BTC price stands at the $9071 mark while the daily high was observed at the $9131.91 mark.

Bitcoin price movement: What to expect?

Bitcoin price has currently found support at the $8986.53 mark and further below at the $8765.65 mark. While the relative strength index (RSI) is moving in the 29.85 – 38.99 range, at the time of writing that shows a stable Bitcoin position.

Famed cryptocurrency trader and analyst on Trading View David Ward a.k.a WyckoffMode is certain that the bullish movement gaining momentum right now would convert into another rally by the 7th of March 2020.

Bitcoin price chart 2 - David Ward - 5th March 2020Bitcoin price chart by Trading View

David explains that given the indicators keep hitting the required mark, which is at 50 percent of its capacity for the white energy line the price movement is expected to yield higher results throughout the year. This is a crucial upward pressure point and can decide for the better part of the year.

If the BTC price movement follows David’s analysis good yields are coming in both short-term and long-term investments with the exception of April. However, if the movement walks sideways from David’s prediction the yields would be much different. Cautious trading is advised to be safe.

Featured Image by GrafVision

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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