Bitcoin (BTC) price broke out of its sideways range to briefly push above the $9,500 level. The move comes after a slight uptick in daily trading volume since Monday (July 20) and traders will now watch to see if the top-ranked digital asset on CoinMarketCap can hold $9,500 and pursue a daily higher high above $9,775.
Perhaps the move is purely technical as Bitcoin price has been compressing into a tighter range of higher lows and lower highs since early June, or possibly investor sentiment has been buoyed by recent events in the news.
Crypto market weekly price chart. Source: Coin360
This is a positive step forward as it removes some of the rigamarole involved in acquiring and storing cryptocurrency, meaning, crypto investors will eventually be able to hold their digital assets in the same bank where they keep their checking, savings, and brokerage accounts.
The recent announcement from the European Union to kickstart another $857 billion euro round of stimulus and the expectation that the U.S. Federal Reserve will follow suit with a $1 to $2 trillion economic stimulus package could also be boosting investors’ belief that as long as the Fed is printing, equities will rise and Bitcoin will soon make another run at $10,000.