Bitcoin extended its rally above the $9,200 resistance against the US Dollar. BTC tagged the $9,400 area and now it could correct lower towards $8,800 or $8,500.

Yesterday, we saw a strong rise in bitcoin above the $9,000 resistance. We even discussed the chances of more upsides towards $9,500, considering a successful close above the $9,000 level and the 100 hourly simple moving average.

BTC price did continue higher above the $9,200 resistance and a connecting bearish trend line on the hourly chart. Finally, the price tested the $9,400 area. A new 2020 high is formed near $9,426 and the price is currently consolidating gains.

It is testing the 23.6% Fib retracement level of the recent rally from the $8,874 low to $9,426 high. On the upside, an initial resistance is near the $9,400 level.

However, the main resistance is near the $9,500 level, where bitcoin bulls need to be very careful. If there is a strong rejection near $9,500, the price could start a substantial downside correction. The first key support on the downside is near the $9,150 level.

Besides, the 50% Fib retracement level of the recent rally from the $8,874 low to $9,426 high is near $9,150. More importantly, yesterdays major bullish trend line is still active with support near $9,040 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Therefore, a downside break below $9,000 might lead bitcoin price towards the $8,800 support area or the 100 hourly simple moving average.

We cannot discard the fact that BTC bears might fail to protect $9,500. In the mentioned case, the price is likely to surge towards the $10,000 handle.

Any further upsides could open the doors for a larger upward move towards the $11,200, $11,500 and $12,000 levels in the coming days.

Technical indicators:

Hourly MACD The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently correcting from the 75 level.

Major Support Levels $9,150 followed by $9,000.

Major Resistance Levels $9,400, $9,425 and $9,500.

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Bitcoin Hits $9,400 In Vertical Rally, But Its At Risk of A Violent Pullback For This Key Reason - newsBTC

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Bitcoin ATM Map Find Bitcoin ATM, Online Rates

Bitcoin is maintaining its upward trajectory as coronavirus-led risk aversion hits the traditional markets.

Thetop cryptocurrency by market value crossed the 200-day moving average at $9,000during Tuesday's Asian trading hours and rose to a high of $9,150, pushing thecumulative month-to-date gains to over 25 percent.

At press time, bitcoin is changing hands at $9,061. Despite the minor pullback from the morning's high, the cryptocurrency is still reporting a 4.8 percent gain on a 24-hour basis, and is up roughly $700 from lows near $8,250 observed over the weekend, according to CoinDesk's Bitcoin Price Index.

While bitcoin has kicked off the week on a positive note, stock markets across the globe are facing selling pressure.

Notably, the Dow Jones Industrial Average fell by more than 450 points on Monday with travel-related shares suffering sharp losses on fears the coronavirus outbreak in China could spread globally, hurting worldwide economic growth.

The virus, which first appeared in the Chinese city of Wuhan, is spreading fast. It has so far claimed more than 100 lives in China and the number of confirmed cases increased to 4,515 on Tuesday from 2,835 on Monday, according to the National Health Commission.

With bitcoin outperforming stocks amid the coronavirus scare, a few experts are convinced the cryptocurrency is drawing haven bids more so, as classic safe-haven asset gold has risen by just 0.65 percent so far this week.

The safe-haven argument, however, is not strong, according to prominent analysts like Alex Kruger. "Keep in mind that until Friday the narrative was 'Coronavirus pushing bitcoin lower'. It now is 'Coronavirus pushing bitcoin higher.' Some people try very hard to create narratives," he tweeted Tuesday.

Moreover, bitcoin picked up a strong bid below $7,000 at least two weeks before Chinese authorities placed Wuhan under quarantine on Jan. 23, sending equity markets into a tailspin, and has extended the rally over the last two days.

In fact, the virus outbreak could ultimately have a negative impact on crypto markets, Jason Wu, CEO and founder of non-custodial crypto lender DeFiner, told CoinDesk earlier this week.

Many Chinese crypto retailers tend to cash in on cryptocurrencies right before the Chinese New Year holiday and reinvest in the market in the next year, Wu said. With the virus outbreak, that money may not return to crypto markets, possibly leading to a price drop.

From a technical perspective, bitcoin is looking heavy and could suffer a minor pullback in the next 24 hours.

Hourly chart

The relative strength index charted a bearish divergence (lower highs) earlier on Tuesday, signaling bullish exhaustion, and dived out of an ascending trendline to indicate an end to the rally from lows near $8,250.

The MACD histogram is printing deeper bars below the zero line, indicating a strengthening of downside momentum.

4-hour chart

The current four-hour candle is flashing red, validating the buyer exhaustion signaled by the preceding inside bar candle, which occurs when the specific period's price action falls within the preceding period's trading range.

The RSI has also rolled over from the overbought (above-70) region, signaling scope for correction.

Both the hourly and four-hour charts are indicating the cryptocurrency could revisit the former resistance-turned-support at $8,793-$8,750 (horizontal lines on the four-hour chart).

A violation there would expose the next support at $8,530. If that level holds, bulls might breathe a sigh of relief and another attempt higher could be initiated targeting resistance at $9,000.

The odds of a pullback to $8,750 would weaken if the cryptocurrency finds acceptance above $9,150 during the U.S. trading hours. In that case, the recent high of $9,188 will likely be scaled.

It's worth noting that longer duration charts are aligned in favor of the bulls. So, pullbacks, if any, could be short-lived.

Disclosure:The author holds no digital assetsat the time of writing.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Rallies to Near $9150 as Stocks Drop Over Coronavirus Fears - Coindesk

Bitcoin price broke back above $9,000 this morning, making this the second time this month that has happened. Following last weeks slide down from that level, all losses have been reversed since the weekend. So what could be responsible for bitcoins change in fortunes?

The Lunar New Year always has an effect on bitcoin trading volumes, as Chinese traders take a few days off to celebrate. Despite cryptocurrency trading being technically banned in China, workarounds whereby traders use other Asian markets mean that it is still statistically significant.

BitMEX CEO Arthur Hayes predicted that volatility and trade volume would nose-dive as the New Year approached. Indeed, in the week leading up to the New Year, daily volumes dropped by 50%, as BTC price followed them down from $9150, reaching as low as $8325 on Sunday.

Since Sundays low, volume has already regained almost all of the value previously lost, and prices have risen steadily to reflect that increase. While the Coronavirus may have meant an extended holiday for many Chinese, orders to stay at home dont apply to those working outside of the law.

The past few days have seen gains across the entire cryptocurrency market. With this much fresh money flowing into the market, it is only to be expected that Bitcoin price would also benefit from that.

AsBitcoinist reported yesterday, the total cryptocurrency market cap grew by over $17 billion in just 48 hours. It has continued to grow at a more modest rate since then, but is currently just $1.2 billion short of the psychologically significant $250 billion mark.

The market cap was last at this level in November, during the seven-month bear market when cryptocurrency prices were on the way down from their late-summer 2019 highs.

Regaining this level would be a strong indicator that this trend had reversed, and that a bullish cycle is once again underway.

As February rolls ever closer, the market cannot help but consider historical data, which highlights the month as traditionally one of the more bullish for bitcoin. Of course, this doesnt give any guarantees, and in fact we are closing out January, having bucked its usual trend of being a bearish month.

But of course we also have the ever looming halving event coming up in May of this year. Historical data again suggests that this will have a positive effect on BTC prices. Whether this is already factored in to bitcoins price is hotly debated. However, if prices continue to rise then we may find that FOMO makes it a self-fulfilling prophecy in either case.

For now, price just has to hang onto, and indeed build upon, that $9k.

Do you think Bitcoin will continue its current uptrend? Add your thoughts below!

Images via Shutterstock

Continued here:
3 Reasons Why Bitcoin Price Broke Above $9K Today - Bitcoinist

Since the start of the year, Bitcoin (BTC) price has been as high as $9,200 a 2-month high while going as low as $6,900 on Jan. 3. Bitcoins volatility is one of the most frequently discussed issues that arise when investors evaluate Bitcoin as an asset class. However, its volatile behavior is what provides an opportunity for investors to take advantage of the price movements and make a profit.

Following predictions as optimistic as the $100,000 forecast based on the stock-to-flow model, investors may foresee another period of high price speculation, opening the door for a wider set of investment strategies.

On the other side, if investors end up experiencing a bearish scenario like the majority of 2018 and a portion of 2019, bolder strategies based on wide price movements may serve as a good alternative for market makers.

Cryptocurrency market weekly overview. Source: Coin360

Strategies based on large price movements have been exploited for decades in traditional markets, especially in stocks. One of those strategies is momentum investing. An investor evaluates the daily returns for a sample of stocks and identifies which one was the biggest loser and winner in the price for that day.

In traditional markets, it was found to be lucrative to buy the winner stock that day and hold it for a certain period (up to investor discretion) and sell (short) the loser stock. Usually, investors develop this strategy based on portfolios of best and worst-performing stocks instead of only choosing the best and worst performer from the chosen sample.

However, its not uncommon for the individual momentum strategy to also be applied among investors despite raising questions about investment diversification. Nevertheless, if diversification is found to be ineffective in the crypto space, as reported by Cointelegraph, an investor might expect better results from an individual momentum strategy instead of focusing on portfolios.

Firstly, we identify the top-20 cryptocurrencies in the market today and get the daily returns for each currency during 2019. Throughout a portion of last year, we have seen a bearish scenario in the market. However, Bitcoin picked up and ended the year with a cumulative return of 65%.

By analyzing this strategy for a period with such characteristics, we can present a bolder strategy for investors to take advantage of bigger swings in smaller currencies since the biggest coins showed modest gains.

Secondly, we identify which was the currency that had the highest (winners) and the lowest (losers) return from the top-20 currencies for each day in 2019.

After identifying the daily winners and losers, we assume that an investor buys its closing price that day and sells it the following day, also at the closing price. The closing price (latest data in the range at UTC time given by Coin360) is assumed for simplicity purposes as it is open for investors to decide the desired time to buy and sell during those days. Another variation of the strategy can consist of holding the coin for more than one day.

By employing this strategy every day in 2019, we find that an investor who buys the winners gets the best cumulative return of 140%. Whereas, an investor that buys the losers and sells them the following day retrieves a negative return for this period (-105%). In traditional markets, the strategy works in the same way with the investor buying the winners and sells the losers.

Such volatile behavior leads us to also look at a risk-adjusted performance measure since an investor must be compensated by the exposure to higher risk investment. When exploring this strategy buying the winners a Sharpe ratio (the measure of risk-adjusted return of a financial portfolio) of 1.11 is achieved, excluding transaction costs, which is an acceptable performance for the strategy.

January 2019-December 2019 momentum strategies (Buying Winners & Buying Losers) cumulative returns

As we would expect, lower market-capped coins appear more often as the best or worst performing currency in the market: Chainlink (LINK), Tezos (XTZ) and Cosmos (ATOM).

The same currencies appear in both scenarios much more often than with other currencies. As we would expect, the higher market capped coins appear less frequently as the highest/worst performers (e.g. BTC, ETH, LTC, XRP).

Currencies with most appearances as best and worst-performing currency during the sample period

Looking forward, an investor delving into these types of strategies should be aware of certain factors. The first is that we looked at the top-20 currencies in the market today and examined their returns for the last year.

Hence, some of the coins analyzed may not have been in the top-20 during some periods of 2019 as some may have just been recently launched or their volatility dislodged them from the sample. At the same time, currencies with volatile price swings may be included in some periods, raising the risk of the strategy but also the possible gains.

Another factor is the liquidity risk of employing such a strategy. When a lower market-capped coin sees a significant gain in price, it may be harder to buy it during a 24-hour period as most holders might expect the coin to go even higher or set very high sell limits for new investors to take advantage of this opportunity.

Finally, a strategy that is based on daily trading will incur high transaction costs. In this example, we exclude these expenses from the cumulative returns and Sharpe ratio calculations, which will cause a decrease in performance after computing the impact of operational costs.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Buy the Pump, Sell the Dump Does Momentum Investing Work in Bitcoin? - Cointelegraph

Bitcoins recent movement up towards its 2020 highs at $9,200 caught some bears by surprise, as it appeared to elucidate a significant amount of strength amongst BTCs bulls.

Bears are currently fighting back, however, as one whale just put up a 500 BTC market sell on cryptocurrency exchange Binance, which could be one of the factors behind the cryptos inability to stabilize above $9,000.

Coupled with this bearish BTC sell order is the fact that Bitcoins open interest is about to hit $1 billion, which is a level that has historically been touched just prior to massive selloffs.

At the time of writing, Bitcoin is trading up 2% at its current price of $8,950, which marks a slight decline from its daily highs of $9,150 that were set yesterday evening when bulls attempted to push the crypto back towards its 2020 highs.

In the near-term, the resistance at this level appears to be growing increasingly strong, and unless bulls generate significant buying pressure, this latest rally could ultimately result in a bearish double top formation.

One factor that has heightened the bearishness of the rejection is the fact that a whale just placed a 500 BTC sell order worth nearly $4.5 million on Binance, creating a sell wall that may prove to be insurmountable for bulls.

Theres something we havent seen in a long while. A 500 BTC sell on [Binance], Hsaka, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.

For as long as this sell wall is in place, all the buy orders around BTCs current price will be absorbed, thus leading it to stagnate or drift lower.

Another factor that could lead Bitcoin to see some further bearishness is the fact that Bitcoins open interest is just a hair beneath $1 billion.

The reason why this is important (and bearish) is because historically BTC has incurred sharp selloffs each time its open interest balloons to this level.

Open interest on #bitcoin is currently at $943 million. Every time weve hit $1 billion weve seen a pretty big sell off. Lets see if this time will be different, Jacob Canfield a prominent crypto analyst on Twitter explained in a tweet.

The coming several hours will likely provide insight into the long-term significance of these recent developments, and will provide clarity as to whether or not the latest rejection at $9,150 will mark another local high.

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A Massive 500 Bitcoin Sell Order Hits Binance For First Time in a While, Heres What It Means - newsBTC

Bitcoin price has been on an absolute tear in 2020, growing 28% in value since the clock turned past midnight and into the new year.

But the latest rally is now in jeopardy after Bitcoin price we rejected back below $9,000, and it could result in yet another retest of local lows to confirm them as resistance turned support.

In late December 2019, Bitcoin may have put in its local downtrend bottom at $6,400. Since then, the crypto asset went on a powerful rally that has resulted in over 42% returns for investors who were fortunate enough to have buy orders set for the low.

Related Reading | Current Bitcoin Trend is Repeating the Bull Run to $20k in 2017, And Its Mega Bullish

The month-long bullish rally has restored confidence in bullish crypto investors, and not only has it caused Bitcoin price to surge but the altcoin market as well.

But that rally and confidence may have come to an abrupt end today, as Bitcoin price was rejected at a retest of the local high set two weeks ago at $9.200.

The strong rejection was caused in part by a 500BTC sell on Binance, kicking off a deeper selloff that has pushed the price of Bitcoin under the key level of $9,000 once again.

If Bitcoin price continues to trend lower, it could retest values not seen since before the turn of the new year.

Below current levels, Bitcoin could fall to support around $8,250 where buyers were able to push the cryptocurrencys price up and out of a falling wedge formation, that carried the price of the crypto asset to the now failed retest of the current local high.

If the leading crypto asset by market cap falls below that level, support could next be found around $7,750.

If that level is lost, Bitcoin price will likely head to $7,500 where the breakout from an inverse head and shoulders formation occurred.

Its that support that must hold, or Bitcoin could drop to retest $6,400 where the bottom was set, although a repeat trip to that level may not hold once again, and could result in further downside for the cryptocurrency to find its ultimate downtrend low.

Related Reading | Bitcoin is Officially About To Enter a Bull Market

However, if the low was indeed put in and any of these support levels are confirmed as such, it could send Bitcoin back into a new bull market, as important trend indicators have recently begun to suggest.

The days ahead are critical for Bitcoin, and could determine if the bull market is back, or if further downtrend will continue.

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Bitcoin Price Rejected Back Below $9000, Is a Retest Of Lows Up Next? - newsBTC

Over the past few days, crypto assets from Bitcoin and Ethereum to Dogecoin and Maker have surged higher.

Since bottoming in the $8,200 range, the leading cryptocurrency BTC has surged as high as $9,425, marking a 15% gain. Although ETH, the second-largest cryptocurrency by market capitalization, has closely trailed Bitcoin, some say that a bigger surge for the altcoin will soon come to fruition.

Indeed, below, you can see Ethereum still trading below last weeks high of $177, despite Bitcoin trading as high as 3% above its previous local high around $9,200.

Cryptocurrency trader Trajan of Split Capital recently noted that Ethereums volatility is currently lagging behind that of BTC. Despite this, he noted that as soon as ETH finds its legs, the price of the leading cryptocurrency can soon see a price of around $200 a further 15% gain from the current price of $175.

He isnt the only one that thinks so.

Cryptocurrency trader Polar Hunt recently noted that ETH has been trading in a descending broadening wedge pattern, an often bullish price pattern, since July of last year. With this in mind, the trader wrote:

Current BTC price action is only here to shake you out of ETH before $238.

Satoshi Flipper, a prominent cryptocurrency trader, recently noted that Ethereums weekly chart is showing relatively bullish signs after bottoming around $120.

He specifically noted that theHeiken Ashi candles, which are a special charting technique used to more easily determine trends, have turned green on the weekly chart,suggesting a medium-term bull trend is forming.

Flipper added that Ethereum has broken out of a falling wedge structure that constrained price action for six months, boding well for bulls.

Not to mention, analysts are currently expecting the leading cryptocurrency Bitcoin to continue to push higher over the coming days, further supporting the bullish case for ETH.

Originally posted here:
Bitcoins 15% Weekly Gain Could Send Ethereum Flying: Heres Why - newsBTC

Whether due to a lack of trust in a countrys financial system or simply because new speculators want to make money, everyones talking about Bitcoin again.

The worlds largest cryptocurrency has been making the headlines in the mainstream press from Bloomberg to the BBC. And the question everyone wants answers to is how profitable will Bitcoin be in 2020?

Bloomberg published an article on December 31 stating that BTC had yielded early investors an eye-watering 9,000,000% rate of return on its starting price.

Sure, not everyone was buying Bitcoin back in the days when it was magic internet money. But theres still no other asset in the world that can even come close to such an astonishing ROI.

Demand for Bitcoin has been steadily on the rise, especially in developing regions such as Latin America. The worlds number-one cryptocurrency was featured in Argentinas most prominent national newspaper La Nacion last week.

The article posed the question, based on its performance over the last decade, how profitable will Bitcoin be in 2020?

You only have to take a quick look at statistics from peer-to-peer Bitcoin trading sites like LocalBitcoins to see how Bitcoin in Argentina is on the rise, hitting an all-time high in trading volume in the run-up to Christmas.

As the government clamps down further on access to the US dollar and other foreign currencies, demand for Bitcoin increases.

It is better than gold as a refuge for capital when there is a crisis, Javier Pastor, commercial director of the Bit2Me cryptocurrency exchange, told BBC Mundo. Bitcoin purchasing in Argentina certainly follows this pattern.

The spikes in buying Bitcoin all occurred when the political climate was particularly tense and capital controls were imposed. This is a trend that we see clearly in countries with hyperinflation like Zimbabwe or Venezuela, and also at times of global tension.

After Irans attack on US military bases in Iraq in response to the death of Iranian General Qasem Soleimani, Bitcoin rose 8% amid investor uncertainty. So, can we expect these conditions to continue and do we really want to profit from conflict and global turmoil?

Maybe not, but Bitcoin does seem to do better in times of trouble as Pastor commented.

He added, My projection is that in 2021 Bitcoin will reach more than $100,000, claiming hes convinced that digital money will completely transform the financial system in the future.

For anyone following Bitcoins trajectory, its been a wild ride. Its high volatility and the plethora of exchange hacks and scams always grab the headlines.

But even those who regularly trash Bitcoin, such as CEO of Euro Pacific Capital Peter Schiff or University of New York economist professor Nouriel Roubini, cant deny the numbers.

When it was created by Satoshi Nakamoto in January 2009, Bitcoin was worth less than a dollar. In 2017, it rose to almost $20,000 only to crash back down to just over $3,000 the following year.

Despite all the leaps and plunges, Bitcoin has certainly been profitable. In fact, as mentioned earlier, those who bought Bitcoin at the beginning have experienced a return of 9,000,000%.

So, how profitable will Bitcoin be in 2020 and the coming decade? This is the question on everyones lips from Argentina to the UK, South Korea, and anywhere else in the world.

Theres no shortage of price predictions for the value of Bitcoin by the end of 2020.

Crypto lending platform Celsius Network founder Alex Mashinsky believes that Bitcoin will be worth $30,000 by the end of the year. The future of cryptocurrencies is promising, he told BBC Mundo.

Mashinsky bases his optimism on the fact that Bitcoin is a scarce asset with a capped supply of 21 million, which guarantees its long-term success.

Moreover, he compares Bitcoins 11-year performance with the best-performing stock Netflix. While Netflix scored early investors a wild return of 4,000%, that pales in comparison to Bitcoin.

Hes not alone in his bullish outlook. In fact, several other industry experts believe it will be even higher than that. Antoni Trenchev, the co-founder of Nexo, projects Bitcoins price to hit a high of $50,000 towards the end of 2020.

Another factor behind Bitcoins price beyond geopolitical tensions and an uncertain global economy is the upcoming Bitcoin halving in May, which happens every four years and will slash the block reward for miners in half.

Historically, each Bitcoin halving has sparked a Bitcoin bull market, and many in the industry are convinced that this years halving will have the same effect.

After the previous two halvings in 2012 and 2016 there was an increase in the price of Bitcoin of 8,000% in the first case and 2,000% in the second.

That will cause a price increase for sure, said Pastor. However, not everyone is in agreement, citing different conditions this time around and no guarantees simply based on past performance.

There are still many who maintain that Bitcoin is a bubble and a scam, claiming that the market is rife with manipulation and investors better beware.

For example, Roubini has previously described Bitcoin as the mother of all bubbles, saying that it is dominated by quacks and scammers.

He argues that cryptocurrencies have given rise to a completely new criminal industry, which includes unregulated extraterritorial exchanges, paid propagandists, and an army of scammers seeking to keep the money from the minority investors.

Other economists staunchly opposed to Bitcoin include Nobel Prize winner Joseph Stiglitz. He has gone so far as to say that it must be outlawed as it was made to evade regulations and does not serve any useful social function.

Cases of fraud, theft, and other incidents have also made investors more cautious, with more than $4.4bn in cryptocurrency stolen in 2019 alone. If you look at investing in Bitcoin under this lens, in all likelihood, youll take a second glance.

More regulation is on the cards for 2020 as well. This could be a double-edged sword for Bitcoin and the cryptocurrency market.

Tighter regulation may force some exchanges out of business and may cause some coins to be delisted. However, a regulated market may also help to lure more institutional investors to the table.

So how profitable will Bitcoin be in 2020? That honestly remains about as predictable as the weather. Thats part of the fun of buying Bitcoin after all.

If you believe in the fundamentals of the technology, if you understand its use case and its value, youll expect that Bitcoin will be profitable in 2020 and well beyond.

But if youre from the investment school of Warren Buffett or Nouriel Roubini, you may expect it to go to zero.

Only time will tell whether Bitcoin will be digital gold or a flash in the pan, but it certainly makes an interesting case and with a 9,000,000% rate of return, it has certainly been profitable in the past.

Read this article:
How profitable will Bitcoin be in 2020? - Coin Rivet

As per reports from Forbes on January 27, 2020, Bitcoin (BTC), the worlds largest cryptocurrency experienced a 5% rise, briefly climbing as high as $9,142.80 per Bitcoin on the Luxembourg-based BitStamp exchange before slightly falling back afterward. At the moment of writing, Bitcoin price is $9,017. However, this price still demonstrates a more than 4% growth over the last 24 hours.

Since Bitcoin enjoyed a tremendous boost in 2017, it has struggled to reach a similar height. The crypto is still half its all-time high. It suffered a huge setback in 2018 but had a slight improvement in 2019. The latest rise will come as a big boost to traders.

Bitcoin isnt the only crypto that experienced a boost this week. Other assets also recorded acceleration. Bloomberg Galaxy Crypto Index recorded a 1.7% rise in the performance of the worlds largest cryptos, which is well above a two-month high.

The increases popped up following last weeks awful performance ahead of the Lunar New Year celebrations that traders expected to cause a little decline in trading. However, the latest increase has raised the hopes of many and that could continue in the next few weeks.

There are a lot of talks that Bitcoin price is growing because of the coronavirus spreading in China (and beyond its borders). However, despite the fact that BTC really reacts to international tensions and social issues, its not the only influencing factor.

Bitcoin could keep on experiencing boosts as time moves on. Twitters chief executive, Jack Dorsey has promised to help the development of the crypto via his payments company Square Crypto. He claimed that it is just a matter of time before instant, low-fee Bitcoin payments become as commonly used as cash.

Last week he shared the news about their work on Lightning solutions with his Twitter followers.

The company revealed that its building a development kit for Bitcoins Lightning Network, a medium for smaller payments to be sent faster and cheaply without congesting the bitcoin blockchain. The team explained:

Because we are an efficient group of open-source developers, we are in a strong position to coordinate on major projects that individuals may not have the resources or time to handle.

Meanwhile, in another development regarding Bitcoin, Coinspeaker reported on January 27, 2020, that the cryptocurrency is approaching a significant milestone in its history with the upcoming Bitcoin halving which is around 100 days away from now.

It is capturing growing interest in the crypto space and searches regarding it are surging on Google. In fact, it is one of the top items on Google Trends at the moment. Experts believe it will have a dramatic impact on the price of the cryptocurrency. It remains to be seen how things will develop from here.

Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.

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Bitcoin Price Breaks over $9,000 but Coronavirus Isn't the Only Influencing... - Coinspeaker