Bitcoin’s price shift has always tantalized the cryptocurrency market. Whether the movement is bearish or bullish, investors have tried to hedge their bets based on Bitcoin’s price.
Twenty twenty started with a bang for Bitcoin, with its value breaching the $9000 barrier. Let us look at how the current price point matches up to its earlier performance indices.
The confidence among Bitcoin investors was renewed after January proved to be a stellar month for the world’s largest cryptocurrency. This price hike came after dynamic fluctuations that ran for more than three weeks. At present, Bitcoin’s price is at its highest since November 1st.
Bitcoin was trading for $9388 with a total market cap of $170.81 billion. After steady increases in the 24-hour spectrum, Bitcoin’s 24-hour market volume had climbed to $29.293 billion. The cryptocurrency’s average price at the moment was $9387.24. Bitcoin’s price enjoyed a rapid climb from the previous weekend, climbing more than $1000 to reach its current value.
Bitcoin’s price on January 31 was recorded to be $9345, the second-highest on the given day since the cryptocurrency’s creation. The figure was only beaten by its price on January 31, 2018, when the value was clocked at $9905. This price point was recorded right after Bitcoin’s spectacular all-time high bull run.
On January 31, 2019, the price of Bitcoin was recorded to be $3421. This was also the immediate support for the cryptocurrency then. The value had fallen to such a low because of the bear run that started in September 2018. Since 2014, the price has only gone up, save the anomaly in 2019.
Bloomberg’s Mike McGlone had also spoken about Bitcoin’s dynamic movement. According to him:
“The bitcoin bid, fueled by declining equity prices amid coronavirus concerns, is indicative of crypto’s growing acceptance as a risk-off diversifier.”
A technical analysis of Bitcoin’s price showed that its price was above the upper band limit of the GTI Vera band indicator. This meant that the price may be subject to a correction soon. The Bollinger bands showed a slight divergence which meant that the price was likely to shoot up soon. The RSI was climbing towards the overbought zone, a sign that the buying pressure was much more than the selling pressure.