Bitcoin (BTC) Bulls Roar Past $9,000 Crucial Handle, Four Key Facts Emerge About This Latest Stunt

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Bitcoin Price, however, stays consolidated at $8,800, while key support remains around $8,500 and resistance at the $9,200 crucial level holds steady.

BTC/USD Daily Chart

1. US Equities Fell As Imminent 2nd Trade War Between the US and China looms
While Bitcoin gained more 20% to trade at the $9,000 mark, the S&P 500 futures dropped by 60 points marking a 2.26% decline despite amazon’s positive earning report.

2. This Recent Rally Marks One of Its Strongest Moves Since 2013
In June 2019, Bitcoin had a massive rally which took it past $13,000, however, analysts think that this recent rally which took Bitcoin price from lows of $6,100 to as high as $9,400 was a more powerful stunt from Bitcoin bulls, the last it recorded such was in 2013 when BTC rose from barely $100.

The impact on BitMEX was so visible at this point, that it left off a bad impression and quickly it became deserted while investors resorted to cold storage.

4. The Glitz About Bitcoin Spikes Ahead of Halving Event
On-chain analytics, Glassnode, and Coin Metrics noted that the number of Bitcoin and Altcoins users is on the increase while the CSO of Bitcoin development company Blockstream observed that the Chinese word for “BTC” spiked in popularity on Weibo. This comes subsequently after the Chinese word for “Bitcoin halving” had gained immense popularity a week ahead while the number of search queries related to halving rose exponentially.

Image Credit: BitMEX, Skew, Shutterstock

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