As the Bitcoin halving draws closer, the world’s king coin is rising as expected and has now hit $8,000. The consistent rise in Bitcoin’s price gives strength to the expectation that prices will spike because of the halving.
Last month, Bitcoin crashed terribly and went as low as $3,600. It has however regained its losses and is now trading favourably. Data from CoinMarketCap shows that Bitcoin is currently at $8,448, after climbing nearly 9% in the last 24 hours.
So far, Bitcoin has now scaled its 50-day moving average resistance and the 200-day moving average resistance as well. The upward movement is typical of pre-halving price swings from previous occurrences.
So far, Bitcoin is already performing better than the stock market and also the dollar. Unsurprisingly, these two have not performed favourably because of the coronavirus pandemic that has ravaged markets. Bitcoin has now returned 9.5% this year. If it keeps moving at this rate, it could end up surpassing gold’s 2020 returns which are currently at 12.1%.
Bitcoin is however overbought on the intraday charts. This could mean, to some extent, that it might retrace some of the recent gains. But with the upcoming halving, the community is more bullish about Bitcoin breaking the $8,500 level and hitting $8,800.