In the last hour the price of Bitcoin (BTC) broke out of its sub-trading range and briefly exceeded the $ 9,500 level. The move comes after a slight increase in daily trading volume since Monday (July 20), and traders will now see if the best-placed digital asset on CoinMarketCap can hold $ 9,500 and hit a daily high of over $ 9,775.
Perhaps the move is purely technical, given that the price of Bitcoin has been compressed in a narrower range of higher and lower lows since early June, or possibly investor sentiment due to recent events in the news.
Crypto market weekly price chart. Source: Coin360
Cointelegraph previously reported earlier that the Office of Currency Controler (OCC) has given US-authorized federal banks permission to offer cryptocurrency custody services to customers.
This is a positive step forward as it eliminates part of the cryptocurrency acquisition and storage process Finally, cryptocurrency investors can keep their digital assets with the same bank where they keep their check, savings, and brokerage accounts.
The recent announcement by the European Union to launch another $ 857 billion round of economic stimulation and the expectation that the Fed will do the same with a $ 1-2 trillion stimulus package could also fuel investors’ beliefs that As the Federal Reserve prints, stocks will rise and Bitcoin will soon rise to $ 10,000 again.
Regarding the new economic rounds, Gemini Exchange co-founder and CEO Tyler Winklevoss proposed the following:
“The Federal Reserve continues to pave the way for Bitcoin’s upward trend.”
The impression of the central bank continues to push the markets higher
In traditional markets Silver started the week with a powerful pump that completed a good cup and handle pattern in the daily timeframeAt the time of printing, the fortune for the week increased by 19.25%.
Gold has also continued its upward trend, reaching a new high of $ 1,874 today. Till date, Gold has risen 29% since the corona virus-driven market correction in mid-March.
The SP 500 and the Dow keep moving every day, further proof that investors expect the Federal Reserve and central banks around the world to continue to provide momentum.
As already mentioned, The expansionary monetary policy clearly strengthens investor confidence in the markets, regardless of the weaknesses that analysts can see in the economy.
Remember, as the old saying goes: the stock market is not the economy.
Bitcoin daily price chart. Source: Coin360
After the Bitcoin price ended the day over $ 9,500, Investors will see if a higher high can be reached above USD 9,775. After that, a chance at the $ 9,900 to $ 10,000 level comes into play.
Altcoins also saw moderate gains as the price of Bitcoin rose earlier this week.
Ether (ETH) recovered almost 12%, XRP gained 2.88% and Litecoin (LTC) gained 2.86%.
According to CoinMarketCap, the global capitalization of the cryptocurrency market is now $ 284.7 billion and Bitcoin’s dominance rate is 61.7%.