Bitcoin Price Analysis: BTC Springing to New Highs
The Bitcoin seems to never get tired of renewing highs. On Tuesday, February 9th, the flagship cryptocurrency is trading at 47,137 USD.
The D1 of BTC/USD has not changed much lately, so the pair keep growing. The aim of the ascending impulse might be 51,000 USD. The MACD histogram is positive, rising steadily, increasing the chances for the impulse to get stronger. The signal lines of the indicator are also demonstrating an uptrend, which might become a signal for a correction if a Black Cross forms.
On H4, BTC/USD is testing the resistance level, which is, in its turn, a signal for another correction. The Stochastic remains near zero, stimulating the price for further growth. Comparing the current situation to previous movements, we can suppose that the quotations will pull back a little again and go on developing the uptrend.
The BTC has got a new and fresh driver that the market used successfully: Tesla notified the SEC of having bought the BTC for 1.5 billion USD in January. According to the notice, the company plans to start accepting payment in the BTC – all by law. This is the largest purchase of crypto by a public company, and the market agitation is explained exactly by this.
Tesla highlights separately that it is perfectly aware of the risks connected to the volatility of crypto and digital currencies, as well as the lack of any regulations in the sector presently. However, it seems the company is anything but scared.
Pushed by the news from Tesla, the BTC developed a wave of growth and renewed its all-time highs. It grew by 13% overnight, which is not the limit at all.
The Binance exchanged faced a sharp increase in the demand and had to fix all errors in access to trading instruments and operations most quickly.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
Disclaimer
Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
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Dmitriy Gurkovskiy, @KhareemSudlow