Bitcoin Price Spikes to 3-Month High as Bull Cross Approaches

Bitcoin printed a three-month high on major exchanges early Monday with key indicator eyeing its first bullish turn in 11 months. Prices rose to $9,615 on Luxembourg-based Bitstamp exchange during the Asian trading hours. That was the highest level since Oct. 28. The top cryptocurrency also hit a three-month high of $9,628 and $9,615 on Bitfinex and Coinbase, respectively.

Meanwhile, bitcoin’s global average price, as calculated by CoinDesk’s Bitcoin Price Index (BPI), fell $30 short of Friday’s high of $9,633 – the highest level since the end of October.

Notably, the move higher happened as China’s stock market fell 8 percent in early trading – likely due to the coronavirus outbreak and its potential impact on the nation’s economy. The Chinese equity markets were closed last week for the extended New Year holiday.

Futures on the S&P 500, however, remained bid and rose 0.65 percent despite the risk-off mood in the Chinese markets. Traditional safe havens like gold are also facing selling pressure at press time – a sign the broader markets may be done pricing the negative impact of coronavirus on the global economy.


Share this: