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article imageBitcoin price briefly breaks through $9,000

By Ken Hanly     Apr 21, 2018 in Technology
Bitcoin's price hit a four week high. At 7:30 UTC time on April 20th the price went marginally over the $9,000 mark at 9,021, This is the highest it has been since March 22, according to the CoinDesk Bitcoin Price Index.
However, at present, bitcoin is not leading the pack of top 25 coins. Nevertheless with the new high bitcoin's market capitalization reached a high of $152 billion before falling back later.
Other altcoins doing better than bitcoin
Since its April first low, EOS has gained a whopping 106 percent and become the fifth largest coin by market capitalization pushing Litecoin into sixth placer. Among the 25 top coins in the recent rally, bitcoin was fourth from the last even though it has rallied 34 percent since the first of April.
When bitcoin prices seem a bit high investors rotate money into other coins. This time even though bitcoin is far off its price last December, less than half the price, bitcoin is no longer leading the pack. The switch to other coins when bitcoin is just recovering from a sell off may indicate confidence is growing in other cryptocurrencies.
Bitcoin is often bought and then used as a vehicle to trade for other currencies. This may help the price of bitcoin rise in the present situation.
A chart analysis by CoinDesk shows that the long-term descending trend line has been convincingly breached which signals a long-term bullish trend change. The five-day moving average (MA) and the ten-day MA are increasing showing at least a short-term bullish trend is likely. The 200-day MA resistance is at $9,737.
Even though the price has pulled back below $9,000, CoinDesk claims the outlook remains bullish. While weak bulls, that is risk-averse traders, may keep the price below the $9,000 before acceptance is found above that level.
Even in the short-run the price is expected to test the 200 MA of $9,737. If the price closes below the 10-day MA this would signal bullish invalidation
Another article notes that buy orders comprise more than 92 percent for cryptocurrencies. This is the highest percentage since March of 2017. This surge could signal an impending strong bull market. In the December 2017 rally the high for buy orders was just $45.71 percent. It remains to be seen if this is of any significance.
The present price situation
The price closed yesterday under $9,000 at 2:20 UTC. Just a couple of hours into April 22 the price was down further at $8,883.85 down 0.94 percent so far. The open was $8,917.60. High so far has been $8,922.02 and the low $8,811.85. Perhaps those risk-averse bulls are keeping the price down for now. Check the present price here.
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