Bitcoin broke through $9,600 today for the first time since February. (Photo by Chesnot\/Getty ... [+] Images)<\/p>\n
Bitcoin prices climbed today, reaching their highest in more than two months as the cryptocurrency built upon its recent gains. <\/p>\n
The digital asset rose to as much as $9,603.77 this morning, CoinDesk figures showed. <\/p>\n
At this price, bitcoin had attained its highest level since February 25th, additional CoinDesk data revealed. <\/p>\n
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] <\/p>\n
When explaining these latest gains, analysts pointed to variables like sustained momentum and technical factors. <\/p>\n
Denis Vinokourov, head of research for London-based digital asset firmBequant, spoke to these developments, describing bitcoins climb above $9,600 as a continuation of the recent upward trend. <\/p>\n
However, he emphasized that the break of previous key resistance level was accompanied by a relatively modest follow through. <\/p>\n
In other words, the move higher tripped only a handful of stops which suggests that the bears are just as cautious about betting on the downside, as the bullish camp going all out into the key risk event.<\/p>\n
Going forward, the digital currencys position is tenuous, said Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital, citing technical analysis. <\/p>\n
Having previously identified the $9,500 level as providing key resistance, he emphasized that the $9,500 resistance still stands, in that the daily candle is yet to close above it, and there is an obvious struggle at that price level.<\/p>\n
However, the halving has a lot of media and marketing hype behind it, which naturally pushes the price higher as the event comes closer, said DiPasquale. <\/p>\n
With so much hype around the halving, the price can go much higher near the event, but we can expect pullbacks at each resistance level, with the next expected around $9,800. On the downside, a post-halving decline towards $8,000 cannot be ruled out.<\/p>\n
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. <\/p>\n
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\nBitcoin Prices Rally To Highest Since February - Forbes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"