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Bitcoin Price At Five-Month Highs on Powell’s Comments

bitcoin price BTC

Bitcoin price managed to recover yesterday the losses from $9710 and on the rebound managed to regain the $10000 mark and make fresh five-month highs. BTCUSD continues to print new highs in 2020 in a stellar start since the beginning of the new decade. Bitcoin is 44.63% since the beginning of the year and is one of the best-performing assets.

Fed Chairman Jerome Powell in a testimony to the U.S. House Financial Services Committee discussed the need for privacy amongst digital currencies when eyeing through the lens of China’s digital yuan. He also noted that the Fed is investing a significant amount into digital currency developments.

Read our Best Trading Ideas for 2020.

Bitcoin Price Resistance and Support

Bitcoin is 1.31% higher at $10396 as bulls are in full control of the trend and higher levels are on the spot now. BTCUSD has formed a perfectly ascending trend chanel since the beginning of 2020 that drives the price to higher levels.

On the upside, the first resistance will be met at $10495 the daily high. The next resistance stands at 10592 the high from September 8th. Next resistance is at 10930 the high from September 6th 2019.

On the flip side, initial support will be met at 10266. If BTCUSD price breaks below, the next support stands at 9715 the low from yesterday’s trading session. Next support level is at $9534 the low from February 6th trading session. A level that was the resistance of the recent trading range and now has turned into support.

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