RATE Group | Bitcoin Tries and Fails to Meaningfully Break Through $9,500
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Bitcoin Tries and Fails to Meaningfully Break Through $9,500

03 Feb Bitcoin Tries and Fails to Meaningfully Break Through $9,500

Posted at 17:19h in Bitcoin News by

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(Bloomberg) — Despite its recent gains in the wake of the coronavirus outbreak, Bitcoin’s having a hard time breaching through a key technical level.

Although it’s grazed $9,500 at least three times over the past three trading days and at one point touched $9,600 before retreating, the largest cryptocurrency is struggling to meaningfully break free. In addition, Bitcoin’s GTI Global Strength Indicator, which measures upward and downward movements of successive closing prices, shows the coin is in overbought territory near the level of its last dip which occurred in mid-January.

Cryptocurrencies have gained in recent days as fear spread that the coronavirus outbreak that originated in China will dent global growth. Some analysts are speculating that crypto investors are gravitating toward Bitcoin and other digital assets seeking haven as the number of infections skyrockets and anxiety swirls.

“The ongoing upward trajectory of the price of Bitcoin correlates to the spread of…

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