BTC is changing hands at $9,334, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. A failed attempt to break above SMA100 (Simple Moving Average) daily tamed down bitcoin bulls and allowed traders to take a breath.
Many cryptocurrency experts and analysts keep seeking reasons for 42% jump that took bitcoin price to the highest levels since May 2019. While some experts tend to credit Chinese President Xi Jinping blockchain endorsement. However, there is little evidence that the new Chinese policy has anything to do with the recent crypto rally.
You could see the BTCUSD’s daily chart at the picture above.