Bitcoin Gains 10%, Reaching 9-Month High

Bitcoin the leading cryptocurrency broke above a significant resistance level from August 2022

Hong Kong is crypto's "center of gravity" after US crackdown

Now that $28,000 is in sight, Bitcoin’s recent rise above a resistance level from August 2022 has made it more likely that the price will keep going up.

Bitcoin (BTC) Surges 10%, Reaching 9-month High

Bitcoin, the most popular cryptocurrency, broke through a major barrier on Friday during Asian trading hours. This shows that Bitcoin is still going up.

The resistance level from August 2022, which saw small gains last month, was broken, and now people are looking at the next technical barrier above $28,000.

“Bitcoin has now the possibility to ascend to the next technical milestone, which is at $28,000,” Markus Thielen, Head of Research and Strategy at Matrixport, a crypto financial services company, told CoinDesk.

Also, he said that during bigger price changes, bitcoin has risen, responded, and retested from $4,000 point increments ($16k, $20k, and $24k), from which the current breakout is aiming for $28k.

The price of BTC has gone up from $19,000 to $27,000, which is the highest it has been in 39 weeks. Analysts think that the price of BTC will keep going up, even though leverage is being taken away and the market cap of all cryptocurrencies is currently $1.14 trillion.

What is Next?

In addition to

Bitcoin Gains 10%, Reaching 9-Month High
Bitcoin Gains 10%, Reaching 9-Month High

technical indicators, the movement of Bitcoin seems to be linked to rate-sensitive technology stocks. The tech-focused Nasdaq index on Wall Street went up 2.6% on March 16, which confirmed a bullish pattern on the daily chart.

The recent rise in the price of Bitcoin is sure to bring up old questions about how volatile the digital currency is and what its future holds. But now that a big barrier has been broken through, Bitcoin’s uptrend seems to have at least stopped for the weekend.