Bitcoin, the most popular cryptocurrency, continues to find resistance as it tries to recover the value it lost of the course of the last month. For the time being, the bitcoin price has failed to break past the $9,000 barrier.
Bitcoin first dropped below the $9,000 mark in early February—a price it hadn’t fallen below for several months prior—and has failed to consistently peak above the price point, leading to some believe $9,000 may be a ceiling for Bitcoin.
On several occasions, Bitcoin’s value has spiked as high as $8,900 but has failed to hold its value for long enough to continue climbing to $9,000. The cryptocurrency did manage to set a six-day high at $9,070.65 on Feb. 10 but the cryptocurrency quickly fell back below the $9,000 bar and has yet to return.
Despite its struggles in recent months—including losing more than half of its value from its all-time high of nearly $20,000, which it posted nearly three months ago—Bitcoin remains the most popular and heavily traded cryptocurrency.
The cryptocurrency has a market capitalization (the amount of fiat currency currently held in Bitcoin) of nearly $150 billion and has accounted for about 36 percent of all cryptocurrency trading volume in the last 24 hours, according to CoinMarketCap. It also has appreciated by about 40 percent from its recent lows, which saw its value dip as far as $6,000.
The inability for Bitcoin to break past $9,000 has some investors starting to feel restless. Many expected that the cryptocurrency would continue its standard behavior of bouncing right back after a major correction, but that hasn’t been the case.
A number of posters in Bitcoin communities on Reddit have raised the idea that $9,000 is a point of resistance for Bitcoin. “Right now we’re toying with breaking the resistance line formed from the drop last night beginning at [about $9,000],” one user wrote. “Most indicators are pointing to a break of this, but volume is so low right now that the market is able to remain pretty indecisive. [A]s the east coast wakes up, [I]’m hoping we get a little extra volume.”
Many of the users within the communities offered similar insight and positive outlooks for the cryptocurrency, expecting that eventually the resistance at $9,000 will give and Bitcoin will begin another climb.
The investors on Reddit and in other cryptocurrency communities aren’t the only ones who tend to be bullish on the prospects for Bitcoin. In a survey of more than a dozen financial experts conducted by International Business Times, the majority of experts expected Bitcoin to break past $9,000 by the end of February. The average bitcoin price prediction of those surveyed was $13,000.
Similarly, those experts saw Bitcoin continuing its rise by mid-way through 2018. When surveyed by IBT, only one expert saw the price of Bitcoin dropping below its current levels. On average, those surveyed predicted Bitcoin will be valued at about $15,500 in six months.