Bitcoin Surges Over $9,000 as Facebook is Set to Launch its Token
Arslan Butt • 1 min read
The leading cryptocurrency Bitcoin crossed the $9,000 mark during the weekend. Most of the bullish boost was triggered by news that Facebook is soon set to launch its cryptocurrency. Bitcoin, the world’s biggest digital coin, progressed to as high as $9,381.82 in the last 24 hours.
It took a year for Bitcoin to come back over $9,000 mark as last time it hit that high was in May 2018. It’s up around 140% since the beginning of the year.
Facebook is a big name, and it’s reportedly set to begin its own crypto token as early as Tuesday. Many websites have leaked specifications of the venture, with one saying that it will let Facebook employees take their salary in the form of the new currency. If that happens, there’s going to be a massive amount of funds traveling in cryptocurrencies, thus, motivating other people to use crypto wallets for the payment of stuff.
Bitcoin – BTC/USD – Technical Outlook
- On the technical front, Bitcoin is heading north towards the 38.2% Fibonacci retracement level of $9,817.
- The immediate closing candle is bullish engulfing, which is suggesting a stable bullish trend in crypto. It indicates that most of the traders are confident about their decisions.
- Violation of $9,810 could also extend bullish rally until $11,750, which is 50% Fibonacci level.
- The 20 and 50 EMA are also favoring bullish trend, but the RSI is suggesting a bearish correction in BTC.
Key Trading Level: 8516.84