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Thursday, 22 October 10:04 (GMT -05:00)



Foreign exchange market

Bitcoin Reaches $9500. Will It Drive Crypto Market Rally?


The BTC exchange rate has finally broken free from from the narrowing price range and rallied above $9500 per coin. What's coming next? Will the coin test $10000? If so, will this test be successful?
 
Over the last couple of hours, the BTC exchange rate has been staying well above the $9500 threshold. This breakthrough took place after a slight increase in the trading volume seen on July 20th, 2020.
 
Today's growth, however, is likely to be of pure technical nature. As we know, the BTC exchange rate has been strengthening slowly but surely within a pretty tight price range. This has indeed been going on since the start of June.
 

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Space for further BTC growth?
 
The EU leaders seem to have reached some agreements after discussing the current situation for quite a while. THose agreements are all about the financial stimuli to the amount of 857 billion dollars. When coupled with the expectations of further quantitative easing coming from the U.S. Federal Reserve, can it may international investors more convinced that BTC will break ans consolidate above the $10000 threshold? Some crypto experts, including Tyler Winklevoss, say that the Fed has been laying the foundation for another BTC boom.
 
In the meantime, silver started the trading week with a strong rally. Silver overcame the 20-dollar threshold, which used to be a major level of resistance for a couple of years. After that, the price rallied all the way up to 23 dollars per ounce. At this point, the price has retraced a bit and is currently trading close to $22,5 per ounce. At the moment, the this is a 19,25% rally in a week. So, this is the highest price level in 7 years. 
 
As for gold, it has been close to historical highs for a while. It's currently trading around $1874 per ounce. This is a 29% increase relative to March's levels. Apparently, the pandemic contributed greatly to this rally.
 

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Since Bitcoin closed at 9502 dollars per coin, international investors will likely be watching the market to see if the price can overcome 9778 dollars per coin. If that's the case, the price may reach $9900-$10000 per coin in the coming days.
 
According to CoinMarketCap, the total market cap of the cryptocurrency market is over 284 billion dollars, with Bitcoin dominating the market with 61,6%.

 

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