Bitcoin (BTC) Price Ready to Head for $9,000 - Will Crypto Ban Recall Trigger It?

News
Wed, 03/04/2020 - 11:43
Yuri Molchan

While Bitcoin is trading below $8,800, traders nevertheless remain bullish and are expecting the flagship cryptocurrency to reach the $9.000 level soon

Cover image via www.shutterstock.com
Contents

Several big news reports are being discussed on Twitter right now. These include the lifting of the crypto ban in India, which is a reverse on the RBI's decision from spring 2018, and the current Binance technical issue which led to it suspending all trading operations and jeopardizing open orders.

However, traders are also watching the BTC price, hoping it will finally break $9,000 in the near future. With recent news of the Bitcoin hash rate hitting a new all-time high and with about 70 days remaining before the much-expected halving, it does not seem impossible.

‘Prepare for low 9k's I'd say’

Crypto trader @George1Trader is bullish on Bitcoin today, suggesting the community should prepare for it to return to the $9,000 area.

Image via Twitter

In the comment thread he states:

Crypto trader @PostyXBT tweets:

“Using this 1H range between $8.5k-9k to see where we could be heading next. Bulls back above that 50% level for the time being but I'd like to see a clean break in either direction. Weary of potential fake outs as seen at support twice.”
Image via Twitter

‘The weekly 21 EMA makes me excited’

Trader ‘CryptoWolf’ also shares his bullish take on short-term prospects for the Bitcoin price. Enumerating bullish details on the charts, the trader concludes that he feels very excited about BTC.

Related
Peter Schiff Offers Grave Warning About Bitcoin (BTC) Price, Crypto Community Reacts

RBI crypto ban ends

Earlier on March 4, U.Today reported that the Supreme Court of India had finally removed the crypto ban the Indian Reserve Bank imposed on Indian crypto exchanges and banks in spring 2018.

Many in the community have taken this as a bullish sign. MATIC has demonstrated a 27-percent rise on this event. This could become a trigger for further Bitcoin price growth.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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