Bitcoin, the king of cryptocurrencies, after breaking out earlier this month has momentum on its side and seems the “death” calls have started dwindling down as it crosses one hurdle after another and nears one round figure mark after another – $9,000 now.
BTC/USD is now up nearly a percent at $8,950, shy of psychologically important round figure mark of $9,000. On the 120-minute chart, it has just broken out of the upward sloping channel but may prove to be a false breakout as the momentum indicators turn sluggish.
On the slightly longer term horizon, after all the technical drama that called for breakouts and death simulatneously, BTC managed to move up and has been crossing landmarks, such as crossing past its 50 days SMA on Friday and now is eyeing 100 days SMA, situated at $9,338 level.
BTC/USD 120-minute chart:
BTC/USD daily chart: