Bitcoin’s price crossed the $9,000 line for the first time in 2019 at 10:30 GMT+4 on Sunday. It pushed ahead to record its all-time high price in 2019 at $9200 according to CoinMarketCap data.
However, at the time of going to press at 13:30 GMT+4, it was selling at $9,100.05. As early On Saturday, bitcoin price added $400 to its value to trade around $8,800.
By early Sunday morning, it was apparent the first market mover was going to cross into the $9,000 zone as it was trading at somewhere $8,988.
For more than a week now it has been resisting the march to the $9,000 price as it kept trading sideways. It crossed into the $8000 zone twice in June alone and four times in 2019.
$8000 Price Snapshot
On May 19, the price rose to $8,197.69 for the first time in 2019. It was refreshing development for the global community, as many took it as a signal of the end to the long Crypto Winter that has prevailed since January 2018.
A week later it went up to $8,673.22, with more expectation of $9000 coming soon, but it faltered and went down to the $7900 level. On June 2, it went on to record an all-time high of $8742.96 for the year. Once again, the expectation was $9000, only to tumble down to $7688.08 a week later.
The $8000 price resistance has, therefore, become a feature of the ongoing bull run. The composition of the market has evolved in recent times such that even rumours of India banning Crypto and various scandals have not been able to bring the price down significantly.
Sustaining $9000 Price
Naturally, market players are hoping that the momentum would be maintained this time and keep the gains. Last week when the price went down to $7,500, some market experts thought that it would go down to $6,000 before it could climb back again.
In spite of some negative opinion, Bitcoin defiled that prediction and jumped once again. If there is going to be a retrace, then probably it is not yet here.
Once it has finally hit $9000, it is a morale booster for the industry. Those who have been in this space for some time will tell you that only fools can say they know what will happen since wonders never end in Cryptosphere.