Bitcoin prices exploded higher on Friday afternoon after Chinese President Xi’s made surprisingly positive comments on the future of blockchain technology. BTCUSD moved nearly 40% higher in less than 48 hours since the news broke out.
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“We must take the blockchain as an important breakthrough for independent innovation of core technologies. ” clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”
Xi’s statement launched the entire cryptocurrency market higher with Bitcoin prices gaining 40% in less than 48 hours after the news hit the wires. The price action settled down just below the $10000 mark on Sunday. We have made another step lower today as the price tests the slightly-ascending trend line.
The major resistance is located around the $9600 mark where the 100 DMA sits. On the other hand, the descending trend line that connects recent swing highs will now provide support to bulls around the $8800 handle.