JUST IN: Bitcoin Price Surges to $9,500. Are Bulls About to Take the Wheel?

Wed, 07/08/2020 - 15:03
Alex Dovbnya
The Bitcoin price reaches its highest level in almost two weeks amid major altcoin rally
Cover image via stock.adobe.com

Bitcoin, the largest cryptocurrency by market cap, has joined the altcoin party by surging more than two percent.

The BTC price touched an intraday high of $9,479 at 14:01 UTC on the Bitstamp exchange. 

image by tradingview.com

The upward move comes after numerous altcoins (such as VeChain and Dogecoin) posted massive price gains.   

Here's Why and When Fundstrat Expects Bitcoin Price to Hit $17K

The bulls are waking up

Normally, cryptocurrency traders would call such a move ‘just Wednesday,’ but Bitcoin’s price action has been uneventful for the past several weeks.

After BTC’s volatility plunged to its lowest level in 15 months, the latest move was enough to push its price to its highest level since June 24.

According to DataMish, $9.7 mln worth of short positions were liquidated on BitMEX.  

Crypto trader Michael van de Poppe doesn’t expect the bulls to stop there. Actually, he expects the Bitcoin price to extend its uptrend and surge to $9,700.

image by @CryptoMichNL

The clock is ticking 

The recent Bitcoin price was more significant for the bulls than it might seem since the flagship cryptocurrency managed to break the wedge posted by macro economist Raoul Pal.

image by @RaoulGMI

Pal suggested that Bitcoin’s price rally could be lead by Ethereum that also seems long overdue for a major rally.

Gold and stocks rally

While cryptocurrencies are seeing a wave of green, gold is also on a tear. The yellow metal is currently up more than one percent, changing hands at $1,813 per ounce (only five percent away from its September 2011 all-time high).

image by tradingview.com

The S&P 500, one of the major U.S. stock market indexes, is also up 0.55 percent. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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