Bitcoin at $9.5k After Third Higher High
Bitcoin (BTC) bulls, for the second time this week, have fought against all attempts to boost the digital asset under the $9,000 mark. Earlier, the price fell a little below the $9,200 price. However, the pullback halted right at the January 19 high at $9,198 before reversing to rally higher on a high-volume spike.
In addition to that, the move to $9,350 set a daily higher high for the third time for this week. And traders will indicate that purchasing volume is also mounting higher every day. These are all signs that the asset is in a strong bullish trend.
Then, on a shorter time frame, one can perceive that the pullback to $9,194 led the Bitcoin price to reach the $9,190 support. And this is where the price had bounced twice before further continuation to $9,530 occurred.
The RSI (relative strength index) has appeared into overbought territory on the 4-hour as well as the daily timeframe. Also, there was a tweezer top on the 1-hour chart. All of these might mean that the Bitcoin price will pull back for a brief consolidation. Still, there also seems to be a lot of demand and support at $9,366. For this week, $9,200 has proven to be a reasonable level of support.
Aside from that, looking at the daily timeframe, the moving average convergence divergence (MACD) histogram displays a rising momentum. And the signal line further rises, almost hitting its last January 18 high at 400.
In the possibility that $9,200 gives way to support, the Bitcoin price might decline to the 200-daily moving average (DMA) at $8,900. Also, this is a level that the volume profile visible range (VPVR) pops as a point of interest to traders.
Bullish
Meanwhile, on a more bullish side, if buyers can retain the price over $9,500, the VPVR displays a volume gap from $9,418 to $10,166. Then, if traders step in to give consistent volume, they should see the price boost to $10,166 over the short term.
Now, the overall cryptocurrency market cap stands at $261.1 billion. And the dominance rate of Bitcoin is 66.1%. A few large-cap altcoins also reflected BTC’s gains. Above all, Litecoin (LTC) surged 12.96%, and EOS rallied 6.44%. Then, Tezos (XTZ) went up 6.60%.
The National Bank of Cambodia
Elsewhere, Bakong is the new digital currency of the National Bank of Cambodia. And it is entirely a central bank digital currency (CBDC), launched on a trial basis all over Cambodia in July.
The National Bank of Cambodia’s director-general, Chea Serey, explained that the system would be running within the present fiscal quarter, describing as the national payment gateway for Cambodia.
She stated, “Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”
Contrasting with most blockchain-driven cryptos, banking authorities backed the closed-system Bakong. And Serey wishes to allow border payment through the Bakong system too.