Bitcoin unique rally from Wednesday has catapulted it above the $9,000 critical level for the second time this year. The first time Bitcoin exchanged hands above this level was in May. However, the new high has immediately followed a reversal that tested $7,500.
The current rally seems to be affecting Bitcoin in larger margins when compared to the price action for the major cryptocurrencies like Ethereum, which up 2.24% to trade at $275 and Ripple’s XRP, up 2.59% and valued at $0.421. The entire market is in green but with subtle gains between 0.5% and 3%.
Bitcoin, on the other hand, has a tendency of spiking on the weekends, especially for the last couple of months. The ‘father’ of cryptocurrencies is trending 3.8% up after opening the session at $8,856.42. BTC/USD has formed a high at $9,233.50 but currently holding ground at $9,200.
As far the technicals are concerned, the Bitcoin price is in the middle of a rally that might not stop at $9,200. In fact, the short-term target is $9,400 while $10,000 in the ultimate level for the bulls in the medium term. The Relative Strength Index (RSI) within the overbought and still moving north. This shows that the bulls are still energized making the momentum stronger. The up trending market is supported by the Moving Average Convergence Divergence (MACD) whose divergence suggests a higher correction.
BTC/USD 15-min chart