This content has been archived. It may no longer be relevant.
- Bitcoin price has struck a sudden and bullish price spike; BTC is up by more than 5%
- The coin has recently cleared resistance near $9000; marching towards $9150 with a bullish bias
- The price jump has occurred just a day after India’s crypto ban has been lifted off by the supreme court of the country; Indian investors may soon get the exposure to the crypto market
- Technicals are extremely bullish while Bollinger bands appear opened
Crypto community must be all cheery right now as just a few hours ago, Bitcoin has reached above $9000. A recent update which is making rounds since yesterday in the crypto market notes that in India, investing, trading or holding crypto is no more crime from now on.
The crypto market can expect a major and positive transformation with this, as India holds an enormously vast mass of potential investors. Is the sudden price spike in BTC is due to this? Well, let us pay attention to the recent and bullish price move for now.
Bitcoin Price Analysis
Advertisement
BTC opened yesterday at $8754 with an approach of consolidation. Before closing, it initiated a vigorous uptrend and it is today when it has cleared major price barriers near 38.20% Fib level.
The coin has just reached above $9000 with a hike of more than 5% and is set to hit the $9150 price mark by today itself if the uptrend remains unharmed by bears. Notably, those who might have considered yesterday’s dip near $8687 as a buy time, must be holding a profit of at least more than 3% right now.
According to BTC forecast, the coin has formed higher highs today and is continuing to do so. Here, the short term SMA line has climbed above the long term SMA line noting a positive sign.
Advertisement
MACD is also in the bullish zone. Bitcoin is well above the EMA line while Bollinger bands are clearly showing a volatile spell.
