Bitcoin’s $9,000 Price Stays Steady as Sentiment Stays Positive

Bitcoin’s $9,000 Price Stays Steady as Sentiment Stays Positive 1

As global equity markets continue to get pummeled, bitcoin’s return to the $9,000 level may have been driven by some of the same forces causing a rally in bonds – a desire for respite from a coronavirus-plagued markets. 

After sharp gains in price Thursday, bitcoin (BTC) has been trading steadily in a range between $9,000 and $9,200. For the past 24 hours, bitcoin’s price change has been minimal, down half a percent as of 18:00 UTC (1 p.m. ET). 

Traders see bitcoin’s jump back into the $9,000 range as another sign bitcoin is trending upward in 2020 while traditional markets stumble. Year to date, bitcoin is up over 26 percent while the S&P 500 stock index is down 9 percent. Cryptocurrency sentiment appears bullish as prices remain above significant moving averages.

Although traders seem to be open to viewing the cryptocurrency markets as a safe haven from stock market turmoil, more volatility is possible ahead of May’s halving, an event that will slash in half the reward bitcoin miners obtain. 

“It’s a relief rally. In my opinion, we have a likelihood of sweeping another low before the post-halvening rally,” said Mostafa Al-Mashita of Canadian crypto brokerage firm Secure Digital Markets. 

“I believe gold and BTC are safe havens,” said Henrik Kugelberg, a Sweden-based crypto OTC trader. “As coronavirus has just started to spread, I believe a strong market will last well until the halving will have effect. To me it seems plausible that we can hit an all-time high this year, perhaps within six months.” 

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,855 0.31 % 7.13 % 8.81 %
Ethereum2,860.1 0.35 % 8.29 % 12.18 %
Tether0.9993 0.63 % 0.02 % 0.02 %
Binance Coin425.13 0.34 % 9.64 % 10.80 %
USD Coin1.000 0.03 % 0.28 % 0.27 %
Solana125.20 0.45 % 8.22 % 14.77 %
Cardano1.220 0.54 % 9.49 % 1.46 %
XRP0.6974 0.40 % 6.31 % 9.62 %
Terra77.88 0.38 % 3.99 % 0.49 %
Polkadot22.21 0.94 % 9.39 % 14.04 %

bitcoin
Bitcoin (BTC) $ 39,040.00
ethereum
Ethereum (ETH) $ 2,874.32
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 426.09
usd-coin
USD Coin (USDC) $ 1.00
solana
Solana (SOL) $ 126.08
cardano
Cardano (ADA) $ 1.23
xrp
XRP (XRP) $ 0.699617
terra-luna
Terra (LUNA) $ 78.13
polkadot
Polkadot (DOT) $ 22.36