The cryptocurrency market in general and especially Bitcoin price saw an upsurge in the price trend today on the 9th of October 2019.
The crypto market enjoyed a major buying pressure today which gave it a bullish turn. Bitcoin (BTC) along with amassed crypto-markets have faced this incursion of buyers which will probably have a long-term impact on the uptrend.
This uptrend was preceded by a besmearing low-trend. Analysts say that there might be a slight fallback in Bitcoin’s value before it springs up to cross nine thousand dollars ($9000).
At the time of composition, Bitcoin’s value about eight thousand five hundred dollars ($8,556.85) which is five percent (5%) more than its day-to-day downscaling at about eight thousand two hundred dollars ($8,200).
The upsurge in Bitcoin’s value has enabled the grouped crypto markets to follow its footsteps and gush simultaneously with it. Ethereum has surged over six percent (6%) whereas XRP’s value has increased by two percent (2%).
This surge has allowed Bitcoin Cash (BCH) to retrieve the 4th position in the list of the largest cryptocurrencies of the world, according to the market capitalization. This position was recently snatched by Tether during the market’s consolidation period.
Bitcoin price has broken its resistance level of eight thousand four hundred dollars ($8,400) today which indicates further inevitable gains.
Bitcoin price movement: What to expect?
$BTC showing some strength to kick off the week.
If price can close above the 8300 zone, I would expect follow through to atleast 8700-9k area. pic.twitter.com/ZUEctTM1ys
— Luke Martin (@VentureCoinist) October 7, 2019
Per a popular crypto-analyst on Twitter, Luke Martin, Bitcoin price will retreat to its lower value around eight thousand four hundred dollars ($8,400) before another upsurge.
If this does fall true, it will be a resistance-turned-support which is the onset of a bullish trend and will definitely cause an upward momentum.
Thus, the next few hours will be decisive for the future of BTC and the entire aggregated crypto-market. If the market does not surge upwards, it will probably fall back into its previous trading range which indicates a weakness in cryptocurrency.