Bitcoin Price Temporarily Overcomes $9,000 Threshold
Bitcoin seems to have finally broken out of 7-month-long downtrend with its price temporarily surpassing the $9,000 barrier yesterday. This may be a sign of the oncoming bull run.
The world’s first cryptocurrency traded at a price of $9,088 for a while yesterday. Though its price dropped slightly below $9,000 soon afterwards, the psychologically important price line had been already crossed.
The continuing BTC price surge clearly indicates that a 7-month downfall has lost its momentum and now probably gives way to the opposite trend.
Breaking through the $9,000 barrier is a sign of strength for the Bitcoin price, and traders are already becoming bullish. Should the BTC price sustainably cross $9,100 mark and reach $9,200, this will likely mean the start of a new market-wide rally.
The relative strength index (RSI) scores 66 and thus is also hinting about the rising bull market. RSI focuses on quantifying assets’ momentum, and measures the magnitude of recent price changes. As such, it can estimate whether an asset is oversold or overbought.
The RSI indicator suggest that Bitcoin is still an attractive buy, indicating that the cryptocurrency likely has further to go.