Bitcoin Price Tackles $9.5K as Analysts Spot Potential Breakout Signal

Published at: Oct. 29, 2019

Bitcoin price (BTC) was challenging $9,500 on Oct. 29 as the largest cryptocurrency preserved its higher levels after a bullish breakout over the weekend.

Cryptocurrency market daily overview. Source: Coin360

Analyst: Bitcoin suggests further upside on the cards

Data from Coin360 showed BTC/USD repeatedly attempt a fresh push past $9,500 on Tuesday. The level seemed difficult to crack, however, with each break towards $9,600 met with rejection. 

At press time, Bitcoin was circling $9,430, volatility remaining after a sudden drop to $9,200 earlier in the day. 

Bitcoin seven-day price chart. Source: Coin360

Rumors around China’s public commitment to blockchain technology continued to form a major talking point among analysts. As Cointelegraph reported, cryptocurrency policy did not feature in officials’ latest remarks, which nonetheless appeared to fuel Bitcoin’s surge. 

On social media, commentators were still eyeing further upside potential. 

“#Bitcoin keeps pushing for a breakout,” popular account Crypto Rand summarized in a Twitter update on Tuesday.

“After the last few months of events, I’d feel more comfortable with only bitcoin in my portfolio than none at all,” fellow account Rhythm added about Bitcoin’s longer-term prospects.

Other developments focused on the consumer side. Bakkt, the institutional trading platform which saw all-time highs for its Bitcoin futures in recent days, said its consumer app and Starbucks payment partnership would be live in H1 2020.

Altcoins spend a day tracking sideways

Altcoin markets meanwhile posted a day of flat trading, mimicking Bitcoin’s daily performance with 1-2% moves up or down. 

Ether (ETH), the largest altcoin by market cap, was up 1.4% at $187. 

Ether 7-day price chart. Source: Coin360

The leader in the top ten was Bitcoin Cash (BCH), which advanced 10% amid turmoil at major backer Bitmain. As Cointelegraph noted, a sudden reshuffle saw co-founder Micree Ketuan Zhan ousted. 

The overall cryptocurrency market cap advanced slightly on the day, reaching $251 billion. Bitcoin’s share fell slightly to 67.7%.

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