Bitcoin price (BTC/USD) break through $9,000, but Lunar New Year could hinder progress

February has been a good month for the cryptocurrency in recent years

Bitcoin price (BTC/USD) break through $9,000, but Lunar New Year could hinder progress

The Bitcoin price (BTC/USD) has leaped over the $9,000 barrier after experiencing a sharp increase in today’s afternoon trading.

Coming off a lacklustre Tuesday session, the original cryptocurrency spent the better part to today’s morning session slowly rebuilding its momentum. The coin’s advance has accelerated in the afternoon, with the cryptocurrency surging to a 10-day high of $9,304.10. The Bitcoin price has seen a pullback in more recent trading, but it is still hovering around $9,220, significantly higher than yesterday’s close of $8,598.31.

In its technical analysis, industry website Coindesk points to a bullish reversal pattern, suggesting that the cryptocurrency could soon move closer to the $10,000 mark. The publication also points out that since 2015 February has been a good month for Bitcoin, which indicates that the cryptocurrency could see gains this month. The Bitcoin price was above $10,000 at the start of the month.

One factor that could hinder Bitcoin’s momentum are the Lunar New Year holidays, which start on February 16. Chinese and South Korean investors often exchange cryptocurrencies for fiat money ahead of the event and this usually leads to a drop in the Bitcoin price.

In today’s trading, the Bitcoin price stood at $9,224.95, as of 15:03 GMT. The digital currency has gained nearly 7% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The virtual coin’s market cap currently stands at $155.5 billion, which represents 34.9% of the entire cryptocurrency market.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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