• Interest continues to build towards Bitcoin as the $9,000 level beckons.
  • Bitcoin likely reversal will find support at $8,700, $8,500 and $8,400.

Bitcoin keeps soaring to new 2020 highs ahead of the May halving event. It has been predicted that the asset will grow significantly in value following the scarcity and demand likely to be created by the Satoshi Nakamoto four-year rule.

For now, Bitcoin price is teetering at $8,781 after extending the gains above the previous hurdle at $8,500. The gains are a reflection of the general bullish weather within the cryptocurrency market. Cryptoassets such as Bitcoin SV are up more than 100% in less than 24 hours.

Looking at the 4-hour chart, one can tell that Bitcoin indeed succeeded in the hunt for a bottom. The crypto winter in the third and fourth quarters of 2019 saw Bitcoin plunge to lows around $6,500. The reversal from the December low has sustained a formidable uptrend in spite of the frequent up and down movements.

XBT/USD 4-hour chart

XBT/USD price chart by Tradingview

The surge above $8,000 renewed hopes that Bitcoin will once again trade above the psychological level at $9,000. It appears that a break from the rising…

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Author: John Isige


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