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Bitcoin Price Bulls Targeting A Break Above $10000

Bitcoin Cash
Bitcoin Cash

Bitcoin price continues the move higher outside of the recent consolidation range (9200-9600). BTCUSD has formed a strong base at 9550 and the momentum is bullish as long as the crypto pair is trading above that level.

In a speech at the Internation Blockchain Congress in Chicago, the SEC Commissioner Hester Peirce said that outlined proposal to allow for a 3-year grace period, where new startup companies can sell their initial cryptocurrency tokens, without them being considered as securities and applying to U.S. law. The new proposal will give crypto projects enough time for their tokens to mature into a fully-decentralized cryptocurrency. That means the companies will not, be protected from law enforcement actions due to any form of illegal activity.

Bitcoin and digital assets supported after Fed’s Brainard said the Fed is conducting research into possible central bank-issued currency.

Read our Best Trading Ideas for 2020.

Bitcoin Price Support and Resistance

Bitcoin is 0.17 higher at 9759 as the positive momentum that started in the beginning of 2020 drives the price to higher levels in a step by step upward move that forms a healthy rally.

In case of a correction, the initial support for BTCUSD will be met at $9722 the daily low. If BTCUSD price breaks below that level, the next support stands at $9529 the low from yesterday’s trading session and the resistance of the upper bound of the recent trading range that now has turned into support. Next support will be met at 8890 the low from February 5th trading session.

On the upside, first resistance will be met at $9850 the daily top. The next resistance stands at 9970 the upper Bolinger Band. In case of a breakout, more offers might emerge at 10350 the high from October 26th 2019.