Bitcoin Hits $9.4K but a Bullish Breakout is Still Not Confirmed

• A five-minute price rally took bitcoin above $9,400 on January 28.
• The move upside helped the cryptocurrency break above a long-term resistance area.
• Earlier in November, bitcoin had broken above the same price ceiling but failed to sustain its upside momentum.

Bitcoin was among the only few assets that managed to post gains amidst uncertain macroeconomic conditions.

The benchmark cryptocurrency surged above $9,400 during London’s pre-midnight session on Tuesday, swelling by more than $300 within a five-minute timeframe. The move uphill came as investors bought haven assets to minimize their exposure in equity markets affected by the Coronavirus fears.

#bitcoin is now up 30% in 2020. It’s hard to say how much of the rise is due to #coronavirus panic. However, some traders seem to be starting to believe a negative correlation between Bitcoin and stocks during times of panic(panic=>declining stock prices). What’s your opinion👇 pic.twitter.com/zkSvwy32j1

— iQuoto (@iQuotoGlobal)