Bitcoin broke through $9,600 today for the first time since February. (Photo by Chesnot/Getty ... [+]
Bitcoin prices climbed today, reaching their highest in more than two months as the cryptocurrency built upon its recent gains.
The digital asset rose to as much as $9,603.77 this morning, CoinDesk figures showed.
At this price, bitcoin had attained its highest level since February 25th, additional CoinDesk data revealed.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
When explaining these latest gains, analysts pointed to variables like sustained momentum and technical factors.
Denis Vinokourov, head of research for London-based digital asset firm Bequant, spoke to these developments, describing bitcoin’s climb above $9,600 as “a continuation of the recent upward trend.”
However, he emphasized that “the break of previous key resistance level was accompanied by a relatively modest follow through.”
“In other words, the move higher tripped only a handful of stops which suggests that the bears are just as cautious about betting on the downside, as the bullish camp going all out into the key risk event.”
Going forward, the digital currency’s position is tenuous, said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, citing technical analysis.
Having previously identified the $9,500 level as providing key resistance, he emphasized that “the $9,500 resistance still stands, in that the daily candle is yet to close above it, and there is an obvious struggle at that price level.”
“However, the halving has a lot of media and marketing hype behind it, which naturally pushes the price higher as the event comes closer,” said DiPasquale.
“With so much hype around the halving, the price can go much higher near the event, but we can expect pullbacks at each resistance level, with the next expected around $9,800. On the downside, a post-halving decline towards $8,000 cannot be ruled out.”
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.
