After a sharp decline towards the $7,800 level, Bitcoin has finally shown some growth from the past few days. Earlier this morning, Bitcoin broke the resistance level of $8,500 and moved upwards to $8,582 levels.
The reason behind this surge in the price can be the 224 BTC that were traded on Bakkt’s BTC futures exchange. However, a Forbes analyst of crypto, Naeem Aslam, believes that things might change soon as the price has gone upward, and the 50-day SMA is about to go below the 100-day SMA.
— Naeem Aslam (@NaeemAslam23) October 9, 2019
According to him, this change in the SMA shows a bearish trend that can come in the charts and decline the price further down testing the major support levels again.
Bitcoin witnessed a 3.54% growth in the past 24 hours, whereas Ethereum noticed a 2.81% change in the price as Bitcoin trades at $8515 and Ethereum trades at $189, respectively.