Bitcoin and crypto markets are on the roll again today following a week of consolidation. BTC has pushed higher to tap a fourteen week high on its way to five figures, here’s why.
BTC has made another sustained move higher today as it taps $9,750, its highest price since late October. According to Tradingview.com the move represents a 6% move on the day from an intraday low of just over $9,200.
BTC price 1 hour chart – Tradingview.com
Since then it has pulled back marginally but is still trading at a high not seen for almost fourteen weeks during the Chinese blockchain FOMO. It is now just a few percentage points away from five figures again.
There are several reasons for the bullish momentum and while the Coronavirus may not be directly related, its impact on global economies will have some effect.
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