Bitcoin Price Rises to $9,500 as $2 Trillion Fed Stimulus Expected

Bitcoin Price Rises to $9,500 as $2 Trillion Fed Stimulus Expected

Bitcoin price broke out from a tightening range to rally above $9,500 but will it hold above the crucial resistance level?

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Within the last hour Bitcoin (BTC) price broke out of its sideways range to briefly push above the $9,500 level. The move comes after a slight uptick in daily trading volume since Monday (July 20) and traders will now watch to see if the top-ranked digital asset on CoinMarketCap can hold $9,500 and pursue a daily higher high above $9,775. 

Perhaps the move is purely technical as Bitcoin price has been compressing into a tighter range of higher lows and lower highs since early June, or possibly investor sentiment has been buoyed by recent events in the news. 

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

Earlier today Cointelegraph reported that the Office of the Comptroller of the Currency (OCC) has given permission to allow federally chartered U.S. banks to provide clients with crypto custody services

This is a positive step forward as it removes some of the rigamarole involved in acquiring and storing cryptocurrency, meaning, crypto investors will eventually be able to hold their digital assets in the same bank where they keep their checking, savings, and brokerage accounts. 

The recent announcement from the European Union to kickstart another $857 billion euro round of stimulus and the expectation that the U.S. Federal Reserve will follow suit with a $1 to $2 trillion economic stimulus package could also be boosting investors’ belief that as long as the Fed is printing, equities will rise and Bitcoin will soon make another run at $10,000. 

In regards to the new rounds of stimulus Gemini exchange co-founder and CEO Tyler Winklevoss suggested that

“The Fed continues to set the stage for Bitcoin’s bull run.”

Central bank printing continues to push the markets higher

In traditional markets, silver started off the week with a strong pump which completed a nice cup and handle pattern on the daily timeframe, and at the time of writing the asset is up 19.25% for the week. 

Gold has also continued its upward trajectory by pushing to a new high at $1,874 today. To date, gold has gained 29% since the coronavirus-driven market correction occurred in mid-March. 

The S&P 500 and Dow also continue to push a bit higher each day, further proof that investors expect that the Federal Reserve and central banks across the world will continue to roll out stimulus. 

As mentioned earlier, expansionary monetary policies are clearly boosting investor confidence in the markets regardless of whatever weaknesses analysts might spot in the economy. 

Remember, as the age-old saying dictates: The stock market is not the economy. 

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Now that Bitcoin price has managed to close the day above $9,500 investors will watch to see if a higher high above $9,775 can be achieved, after which a shot at the $9,900-$10,000 level comes into play.  

Altcoins also posted moderate gains as the Bitcoin price pushed higher at the start of this week. 

Ether (ETH) rallied by nearly 12%, XRP gained 2.88%, and Litecoin (LTC) added 2.86%.   

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $284.7 billion and Bitcoin’s dominance rate is 61.7%.

Keep track of top crypto markets in real time here


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Bitcoin price broke out from a tightening range to rally above $9,500 but will it hold above the crucial resistance level?

Bitcoin Price Climbs to $9,500 After Third Higher High in One Week

Bitcoin Price Climbs to $9,500 After Third Higher High in One Week

#Bitcoin price bounced off the $9.2K support and saw strong continuation above $9.5K as bulls continue to march towards $10K

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For the second time this week, Bitcoin (BTC) bulls have protested against any attempts to push the digital asset below the $9K mark. Earlier today, the price dropped slightly below $9,200 but the pullback stopped right at the Jan. 19 high at $9,198 before reversing to surge higher on a high volume spike.

Bitcoin daily price chart. Source: Coin360

Bitcoin daily price chart. Source: Coin360

The move to $9,530 set a daily higher high for the third time this week and traders will note that purchasing volume is also rising higher each day which are all signs that the asset is in a strong bullish trend.

BTC USDT 6-hour chart. Source: TradingView​​​​​​​

BTC USDT 6-hour chart. Source: TradingView

On the shorter time frame, one can see that the pullback to $9,194 led the price to touch the $9,190 support where the price had bounced twice before further continuation to $9,530 occurred.

BTC USDT 1-hour chart. Source: TradingView​​​​​​​

BTC USDT 1-hour chart. Source: TradingView

The relative strength index (RSI) has popped into overbought territory on the 4-hour and daily timeframe and there is also a tweezer top on the 1-hour chart. This suggests that the price may pull back for a brief consolidation, but there also appears to be plenty of demand and support at $9,366. Furthermore, this week $9,200 has proven to be a decent level of support.

BTC USDT daily chart. Source: TradingView​​​​​​​

BTC USDT daily chart. Source: TradingView

Meanwhile, on the daily timeframe, the moving average convergence divergence (MACD) histogram shows increasing momentum and the signal line continues to rise, nearly reaching its previous Jan. 18 high at 400.

In the event that $9,200 gives way as support, the price could drop to the 200-daily moving average (DMA) at $8,900, a level that the volume profile visible range (VPVR) also shows as a point of interest to traders.

On the bullish side, if traders can hold the price above $9,500, the VPVR shows a volume gap from $9,418 to $10,166. If buyers step in to provide consistent volume, we could see the price rise to $10,166 over the short term.

Bitcoin daily price chart. Source: Coin360Bitcoin daily price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $261.1 billion and Bitcoin’s dominance rate is 66.1%. A handful of large-cap altcoins also mirrored Bitcoin’s gains. Most notably, Litecoin (LTC) rallied 12.96% and EOS is up by 6.44%. Tezos (XTZ) also posted an impressive 6.60% gain.

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#Bitcoin price bounced off the $9.2K support and saw strong continuation above $9.5K as bulls continue to march towards $10K

Bitcoin Price Dips Below $9,200 After Rejection by $9,500 Resistance

Bitcoin Price Dips Below $9,200 After Rejection by $9,500 Resistance

Bitcoin price drops down over the weekend after $9.5K rejection

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Bitcoin (BTC) dropped below $9,200 on Nov. 3 after a fresh attempt to crack resistance above $9,500 ended in rejection.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

Bitcoin stays in low $9K corridor

Data from Coin360 showed BTC/USD continuing its ranging behavior with $9,000 as support on Sunday. At press time, the pair traded around $9,120, having fallen around 2% in the past 24 hours.

On Friday, the situation looked more bullish. After languishing near the bottom of its range, Bitcoin managed a run-up to $9,380 during Saturday before abandoning its position and heading downwards once more.

Bitcoin seven-day price chart. Source: Coin360

Bitcoin seven-day price chart. Source: Coin360

As Cointelegraph reported, some analysts were keen to see lower levels as a form of price consolidation.

For regular contributor filbfilb, however, hopes were still high as the weekend began that a shift higher would materialize.

“Weekend pump playing out, everyone super bullish. I’m looking to short weekly resistance about 9550. Into the 61.8% retracement. 0.5% account risk as it could be totally wrong,” he told subscribers of his Telegram trading channel.

A return to five figures remains something of a holy grail for Bitcoiners under the current climate, with heavy resistance currently hindering progress.

Longer-term, prediction models nonetheless suggest an average BTC price of closer to $8,000 over the next six months. Thereafter, the block reward halving should pave the way for a new bullish era, say analysts.

As Cointelegraph noted, the previous two halvings both had a highly positive impact on Bitcoin in the months which followed.

Altcoins drift amid lack of momentum

Altcoin markets saw mixed fortunes as the weekend progressed. In the top twenty cryptocurrencies by market cap, most saw up or down moves of around 2%.

Ether (ETH), the largest altcoin, fell by a modest 1.1% to $181, in line with behavior from XRP and Binance Coin (BNB).

Ether seven-day price chart. Source: Coin360

Ether seven-day price chart. Source: Coin360

Some other tokens dipped more, with Tron (TRX) and EOS (EOS) both losing 2.5%.

The overall cryptocurrency market cap remained broadly stable at $246 billion, with Bitcoin’s share at 67.4%.

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Bitcoin price drops down over the weekend after $9.5K rejection

Bitcoin Price Hovers Around $9,500 Following Sudden Price Drop

Bitcoin Price Hovers Around $9,500 Following Sudden Price Drop

Bitcoin’s price is trading around $9,500 and the crypto market is largely red

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Thursday, Aug. 29 — Top cryptocurrencies Bitcoin (BTC) and Ether (ETH) are still in the red, though XRP has managed to see minor gains on the day. 

Market visualization. Source: Coin360

Bitcoin is trading at $9,496 at press time, marking a 1.85% price drop on the day. Yesterday, BTC, ETH and XRP all dropped sharply in price from 5:45 p.m. to 6:20 p.m. UTC. BTC in particular fell below the $10,000 price point, and continued to slip to under $9,500 earlier today. Regular contributing analyst Josh Rager commented that he thinks BTC needs to close out the week — on Sunday —  over $9,533 to avoid forming a “lower-low” support level.

Bitcoin 7-day price chart. Source: Coin360

At press time, the second-largest cryptocurrency Ether (ETH) is trading over $169 and is down by 0.93% on the day. As Cointelegraph reported earlier today, blockchain software development company Parity has released an update for its Ethereum node software. The previous version apparently could be remotely crashed via a certain type of Remote Procedure Call or RPC. Parity also recently said that it needed until Sept. 6 to finish implementing its Ethereum Improvement Proposals, or EIPs, which may delay the launch of Ethereum’s next mainnet hardfork.

Ether 7-day price chart. Source: Coin360

XRP, the second-largest altcoin by market cap, is trading at $0.258 and has gained 1.79% on the day as of publishing time. Yesterday, a major Twitter user threatened a network takeover if Ripple executives continue to dump XRP. The Twitter user @CryptoBitlord, who has around 102,000 followers, Tweeted at Ripple’s CEO and CTO with the following message:

“Brad Garlinghouse, Joel Katz, you now have 60 days to stop dumping XRP or we will stage a community takeover. If it’s a decentralized network like you say, we have the power to do it.”

CryptoBitlord previously started a change.org petition against XRP dumping, which has received over 2,600 signatures at press time.

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the ninth-top crypto Bitcoin SV (BSV) is trading at $128.23 and up by 2.53%. The cumulative market cap of the top 100 cryptocurrencies is over $253 billion at press time, per data provided by Coin360.

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Bitcoin’s price is trading around $9,500 and the crypto market is largely red

Bitcoin Price Circles $9,500 as Futures Settlements Form New Bear Factor

Bitcoin Price Circles $9,500 as Futures Settlements Form New Bear Factor

Bitcoin price eyeing catalysts for change as stagnant trading continues

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Bitcoin (BTC) price continued trading around $9,500 July 30 as analysts suggested the end of the month could still provide a fresh move upwards.

Market visualization. Source: Coin360

Market visualization. Source: Coin360

All eyes on futures and 50-day moving average

Data from Coin360 revealed little change in Bitcoin’s behavior Tuesday after the largest cryptocurrency suddenly lost $800 over the weekend. 

As Cointelegraph reported, the downturn caught markets by surprise, BTC/USD dropping from $10,150 to a low of around $9,200.

Now, attention is focusing on Bitcoin futures — the end of the month means settlement, something which has traditionally placed downward pressure on the Bitcoin price before payouts take place. 

For Josh Rager, the regular analyst and trader, the near-term course for BTC/USD could involve an uptick towards $10,000, but with the 50-day moving average forming a roof. 

Rager specifically viewed CME Group’s futures as an important metric.

“CME is an important chart to watch & looking at one scenario that could play out,” he wrote on Twitter Tuesday.

He continued: 

“I lean neutral sideways but would be intrigued if price moved up to fill the meme gap at $9965 1D close before rejected off 50 MA[.] Lean bullish if price closes above $10,635 on CME.”

Bitcoin 7-day price chart. Courtesy of Coin360

Bitcoin 7-day price chart. Courtesy of Coin360

So far, however, little evidence suggests the more bullish scenario will occur, with many suggesting a period of bearish action is likely before momentum for gains builds once again.

Others pointed to ongoing regulatory scrutiny, particularly in the United States, as pressuring price. On Tuesday, Washington is set to hold another hearing dedicated to blockchain and cryptocurrency policy. 

“It’s a new product. It’s much different from most new products,” J. J. Kinahan, chief market strategist at TD Ameritrade, told Bloomberg.“Everybody, including regulators, are trying to figure out the best way to roll this out to protect people, keep it something that’s viable but keep it from being the Wild West.”

Sideways landscape prevails in top 20

Altcoins meanwhile continued to move in step with Bitcoin’s sideways action. Ether (ETH), the largest altcoin token by market cap, dropped slightly more than average — 2.5% on the day — to land at $208. 

Ether 7-day price chart. Courtesy of Coin360

Other major coins saw negligible losses of up to 3%, while only a handful registered any form of gains, these not surpassing 2%. 


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Bitcoin price eyeing catalysts for change as stagnant trading continues