Bitcoin Price Jumps Above $9,000 with Blockchain Data Showing Minor Resistance to $9,260

  • The Dow Jones, Nasdaq and S&P 500 futures plunged while bitcoin and gold rose Thursday
  • Bitcoin has the strongest support level in the $8500 and $8700 range where over 1 million addresses previously bought more than 720k BTC

Today, Bitcoin's price has yet again jumped above $9,000, going to $9,150. The world's leading cryptocurrency is up by 3.89% in the past 24 hours while managing the daily trading volume of $895 million.

The majority of the crypto market has turned green with Tezos (XTZ) leading the gains with over 12.61%.

“One Line To Rule Them All,” according to trader Scott Melker is $9,090.

Source: Coin360

Meanwhile, trader Crypto Michael says,

Today bitcoin is making some moves, unlike the Dow Jones futures that plunged Thursday morning along with Nasdaq and S&P 500 futures after picking up steam on Wednesday.

However, just like bitcoin, gold prices rose as coronavirus cases continue to spread around the globe. The exacerbating concerns about the global impact of this epidemic prompted investors to seek safe-haven metal.

Spot gold was up 0.7% at $1,646.73 per ounce and US gold futures rose 0.2%. Afshin Nabavi, senior vice president at precious metals trader MKS SA said,

“The virus is really taking over… I think the markets are a bit nervous, (gold is) more prone to higher prices and is well supported on the downside.”

Meanwhile, the European Central Bank is expected to cut rates by 10 basis points next week and join its peers in the US, Australia, and Canada.

Bitcoin’s Loss is Tether’s Gain

Bitcoin has started moving but a “strong level of resistance” is present between $8,700 and $9,000, as it is a point where about 800 thousand addresses are holding 5500k of BTC. Crypto data provider IntoTheBlock reported,

“If Bitcoin breaks through that level, then it might experience a minor resistance between $9,000 and $9,260, where 590k addresses previously bought around 400k BTC.”

Based on IOMAP (In-Out Money Around the Current Price) analysis, Bitcoin has the strongest support level at the range between $8500 and $8700, where more than 1 million addresses previously bought more than 720k Bitcoin.

Today’s gains came after dull activity this week and losing 16% of its value last week. The drop in bitcoin price these past few days also resulted in a drop in large transactions of bitcoin, but lead to a “dramatic” increase in the number of transactions in Tether (USDT).

The downward pressure on price was also seen in open interest on bitcoin perpetual swaps that saw an 18% decrease and an 11% reduction in the percentage of addresses with a balance.

Additionally, the Historical In/Out of the Money indicator that tells us the number of investors that would have made a profit if they had sold their position at the price at that current date dropped 10% to year-to-date low.

Bitcoin (BTC) Live Price

1 BTC/USD =$60,590.9317 change ~ -1.81%

Coin Market Cap

$1.14 Trillion

24 Hour Volume

$24.85 Billion

24 Hour VWAP

$61.3 K

24 Hour Change


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