Bitcoin Jumps Over $9,000 As The Crypto Sector Recovers

After a volatile week, Bitcoin showed its first signs of recovery. Bitcoin’s price went over the $9,000 technical resistance level. The bullish momentum is strong, making a 3,5% price increase on March 5.

The main reason behind the price increase, according to crypto experts, is Bitcoin skyrocketing from the 200-day moving average support zone of $8,700.

Looking at the technical analysis, traders are noticing some interesting bullish set-ups, which could further boost Bitcoin’s price. Also, Bitcoin may soon form a “head and shoulders” price pattern, which means bulls may even try to overtake the $9,500 level.

Bitcoin started its bullish runs as soon as the price per 1 BTC reached $8,500. According to the one-hour Bitcoin chart, the world’s largest cryptocurrency recorded a candle above the exponential moving average (EMA) mark, which indicates a robust bullish presence in the range of $8,800 to $8,900.

However, Bitcoin’s price may see a substantial set-back, as Andrew Bailey will be Bank of England’s new Governor. Bailey is known for his bearish attitude towards cryptocurrencies, and Bitcoin, in particular. The former head of the Financial Conduct Authority warned in 2017 that Bitcoin “has no real value.” He repeated his words at the Treasury Select Committee that “Bitcoin has no intrinsic value,” and people should be prepared “to lose all their money if they want to buy Bitcoin.” Bailey will become the new Bank of England Governor on March 16.

Meanwhile, Bailey’s former administration – the Financial Conduct Authority (FCA), accused crypto exchange BitMEX of illicitly providing financial services in the United Kingdom without first receiving authorization from the FCA. The published reports also showed the benefits for investors for trading on authorized and registered exchange platforms – access to various services like Financial Ombudsman, as well as the Financial Services Compensation Scheme.

In the altcoin sector, most of the Ethereum-based ERC-20 tokens marked price increases. Ethereum is up 4,23% to trade at $232.44 as of press time. The biggest gainers of the ERC20 pack are Basic Attention Token (BAT) with 5,33% price increase, and 0x (ZRX), which almost made its gains double-digit.

TRON (TRX) is also up with 5%, while Tezos (XTZ) marked a 10,5% price increase.

The only loser in the top-20 is ChainLink (LINK) which is down 3,20%