Market Overview

Bit-comment: BTC testing $9K on market fears

Bitcoin spiked above $9,100 on Tuesday morning, where it bumped into a sale-off again. It threw the benchmark cryptocurrency to the round level $9,000. Note that the growth was accompanied by an increase in trading volumes, which should become another factor supporting the growth.

The most common explanation for the growth is due to the Chinese virus, the decline of yuan against the dollar and the strengthening of gold, followed by Bitcoin.

However, there are explanations related to technical indicators. We are talking about a set of exponential moving averages Guppy and a tool for identifying historically high or low prices of the mined bitcoins Puell Multiple. Last time we saw similar their signals just before the rally to $14K.

The FxPro Analyst Team

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