Bitcoin: price rejection at USD 9,500

The price of Bitcoin has not exceeded the resistance of USD 9,500 and the rejection brings it back to USD 9,200. Analysts agree that it is very difficult for an important upward movement during the weekend as investors seek to close positions and take profits in the last days of the week.

 Bitcoin: price rejection at USD 9,500

During this week the analysts have been spectators for the next move that would give the price of Bitcoin. The rise to USD 9,500 seemed the beginning of a bullish signal because it broke up the line that has been forming a few days ago, a clear bullish lord. However, the upward movement failed in the resistance of USD 9,500 and returns to lateralize.

Despite the long lateralization that the price of Bitcoin is doing, Changpeng Zhao, CEO of the well-known exchange Binance is optimistic. In his tweeter account he said: "... price predictions are easy. It's hard to be right about the right time. We'll see USD 16k soon. 1.4 billion people are working on it while we talk."

All expectations seem to be on the big event that will occur in early 2020: the next Halving of Bitcoin. Most people think that cutting the rewards to miners will produce a greater shortage of Bitcoins, which will naturally cause an exponential price increase. The shortage added to the clear trend towards adoption are two very strong reasons to think that the future is promising.