{"id":412622,"date":"2020-01-28T23:52:10","date_gmt":"2020-01-28T23:52:10","guid":{"rendered":"https:\/\/uniquehot.com\/?p=412622"},"modified":"2024-06-11T13:41:10","modified_gmt":"2024-06-11T13:41:10","slug":"bitcoin-just-surge-9400-heres-why-analysts-think-more-coming","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-just-surge-9400-heres-why-analysts-think-more-coming\/","title":{"rendered":"Bitcoin Just Surged to $9,400: Why Traders Think Price Will Explode Even Further"},"content":{"rendered":"

Welcome back bulls. Over the past few hours, Bitcoin<\/a> (BTC) has begun to surge higher again per TradingView<\/a>, with buyers finally stepping in after last week’s 11% decline. Since hitting $8,200 late last week, the price of the leading cryptocurrency has exploded higher, surging to just shy of $9,400 minutes ago as of the time of writing this article.<\/p>\n

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The cryptocurrency failed to surmount $9,400, though the technical backdrop is starting to support further price appreciation.<\/p>\n

Bitcoin Explodes Past $9,400 In Massive Move<\/h2>\n

Firstly, this move has brought Bitcoin above the key 200-day simple moving average. While the price has yet to close above this key technical level, sitting around $9,000, this specific moving average has long been seen as analysts as an indicator of an asset\u2019s long-term directionality.<\/p>\n

With the daily candle closing in literal minutes, it seems that the asset will flip this resistance into support, boding well for bulls on a long-term basis.<\/p>\n

This move has also allowed BTC to break out of \u201can inverse head and shoulders formation (with a very weak right shoulder, which makes it often more powerful.<\/a>\u201d<\/p>\n

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Bitcoin is breaking out of an inverse head and shoulder formation (with a very weak right should which make it often more powerful). It already broke the big wedge pattern. #bitcoin<\/a> $BTC<\/a> pic.twitter.com\/v7XLtK2uac<\/a><\/p>\n

— Raoul Pal (@RaoulGMI) January 28, 2020<\/a><\/p><\/blockquote>\n