Bitcoin Jumps over $9,000 With Triumphant Rally
By Mark Lemon – Cryptocurrency Specialist
The Bitcoin price continues to strafe away from its bearish trend as the price surges to over $9000, setting a new two-week high as the bulls seems to be back to buy Bitcoin.
In spite of the wave of bearish social media calls in the past couple of weeks, the Bitcoin price is still bucking the trend as of Monday above the $9,000 handle.
Trading just over $9,350, the Bitcoin price might be looking to bounce off trendline support and rally higher, but sentiment can always change if users look to cash out Bitcoin at this higher price.
For most of October, Bitcoin was seemingly doing so well until it suddenly took an 8% nosedive on the 23rd October as many looked to sell Bitcoin. This drop in price over a short period of $500 could have been what instigated the rally higher but there could have been other reasons for the increase in buying Bitcoin.
Bitcoin Looking to Ride the China Hype?
Just the other day, a report came out that Chinese President Xi Jinping expressed interest in blockchain technology as a crucial breakthrough technology for the country. Blockchain has been described by Xi Jinping as an important role in independent innovation of core technologies and that they should accelerate its development.
Xi wanted to extend the focus on innovation, the need for increased research and for China to start investing in the technology of blockchain. Though China has strong interest in blockchain technology, they don’t approve so much of buying and selling Bitcoin.
It could be possible, but it's still unclear if this is really what caused the surge crypto buying and Bitcoin's price.
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