Bitcoin Sees Bull Reversal Ahead of Chinese New Year
Bitcoin looks set to test the $10,000 mark soon, as per technical analysis, although some investors fear the Lunar New Year may play spoilsport.
Ahead of New Year holidays (starting Feb. 15), Chinese and South Koreans often exchange bitcoin for fiat currencies (to fund increased spending), and bitcoin (BTC) tends to drop in the run-up to the event.
Boosting such fears this year is bitcoin's (BTC) recent inability to move above $9,000 in a convincing manner. Since Feb. 10, the cryptocurrency has been restricted to a narrow range of $8,000 to $9,000, shows CoinDesk's Bitcoin Price Index (BPI).
Still, historical data indicates the probability of bitcoin reporting gains this month is high.
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It is soon very possible that bitcoin will shoot ahead of $ 10,000.