Bitcoin Breaks $9K as the Halving Draws Nearer

Less than two weeks to the long-awaited Bitcoin halving, the number one cryptocurrency looks to have resumed its bull run that was interrupted by the COVID-19 pandemic. Bitcoin recently broke through the $9,000 barrier in a spectacular series of green candles over the last trading sessions.

Bitcoin halving may 2020
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In a stunning rally that saw its price enter the $9K price levels for the first time since bottoming on March 12, Bitcoin looks set for a pre-halving bull run in what is looking like a long term reversal. The breakout began at the $7,700 levels and continued in a series of consecutive green candles until it hit the $7900 price level and displayed a single red candle. However, Bitcoin bulls seemed undeterred and the green candles resumed their run on the chart, surging past the $8,000 mark.

BTC Trading View near halving
BTC chart showing the break above the key $8,000 price levels | Source: TradingView

The indicators also tell a positive story in the short term with increased trading volume and increased RSI strength within the timeframe. Additionally, this recent price action coincides with the 200-day moving average level, meaning if the price closes above the SMA and continues on its upward course, there’s a good chance that this bullish momentum is strong and may lead to further in the coming sessions. 

At the time of writing, BTC is trading between the $8,600 and $8,700 price levels with no sign of slowing down. That being said, we should definitely expect some selling to come in soon. But still, this run is nothing short of phenomenal and a perfect way to recover from the financial fallout of the COVID-19 crisis plaguing the global financial markets. 

Bitcoin Halving Less Than 2 Weeks Away

No doubt, the bitcoin halving, which is expected to occur on May 12 has contributed to the popularity of the cryptocurrency. It is likely too that this long-awaited event could be fueling this current rally as investors look to accumulate as much of the asset as possible before its supply gets slashed in half. 

Google searches for the term “Bitcoin halving” are at a record high over the last 12 months, which suggests growing interest in the event among the retail crowd.

Google searches for “Bitcoin Halving” have soared in the last few months | Source: Google Trends

In any case, BTC looks set to close the month in the green to cap off a stunning recovery from its 2020 low of $3860 on March 12. However, a price pullback in the short-term cannot be ruled out. Either way, the next few days are likely to be interesting. 

Bitcoin halving countdown on Coinmarketcap:

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