Tech media people might not be covering Bitcoin so closely every market day, except that it’s been steadily rising over the last week.
Just yesterday, we were looking at Bitcoin around $8800, and now it has broken the important $9000 price mark.
Yaz Sheikh over at Coingape talks about how he predicted this movement prior to today’s market session:
“The cryptocurrency has failed to close above this resistance over the past 6-days of trading but finally took it out today,” Sheikh writes. “However, it is important to note that we must wait for a closing candle above $9,089 to confirm that it has indeed broken above this critical level of resistance… This breakout was expected as in yesterday’s analysis I stated that it was a matter of ‘when’ and not ‘if’ BTC would break back above $9,000.”
Noting likely resistance levels, Sheikh points out that Bitcoin’s halving is now only five days away!
“The incoming supply of BTC will be slashed in half as the block reward will be reduced by 50% from 12.5 BTC per block to just 6.25 BTC per block,” Sheikh writes.
Here’s what some of what Omkar Godbole over at Coindesk has to say:
“(Bitcoin) has broken out of a six-day-long narrowing price range, signaling a continuation of the price rally from lows near $6,700 observed on April 20,” Godbole writes, noting the possible impact of CME futures. “The move strengthens the case for a rise to $10,000 ahead of next Tuesday’s mining reward halving.”
“Previously, Bitcoin had beaten multiple resistance levels to rise from the mid $7,000 range, levels which had long kept it in check,” adds Cointelegraph’s William Suberg.
We’re rapidly approaching that point where the miner reward block change will be a kind of fulcrum for Bitcoin activity. Will it swing up, or down?