Bitcoin Sets Six-Day High Above $9K (Then Dips Again)

The price of bitcoin clocked a six-day high above $9,000 Saturday as the crypto markets continued to show signs of regained poise.

AccessTimeIconFeb 10, 2018 at 12:55 p.m. UTC
Updated Sep 13, 2021 at 7:33 a.m. UTC

Bitcoin (BTC) is trimming gains, having set a six-day high above the $9,000 mark early Saturday, according to CoinDesk's Bitcon Price Index (BPI).

The cryptocurrency ran into bids at $8,608.62 at 00:14 UTC and jumped to $9,070.64 at 07:17 UTC – the highest level since Feb. 4. As of 12:00 UTC, the BPI is at $8,650 levels. Bitcoin has appreciated by roughly 5 percent in the last 24 hours, according to CoinMarketCap.

Still, it's the broader context that might be most important in understanding why these small gains might tell a bigger story – BTC has now rallied more than $2,300 from Tuesday's low below $6,000.

Meanwhile, other crypto market leaders have also witnessed solid gains in the last 24 hours. Ripple's XRP token has jumped 30 percent (this figure was as high as 50 percent) and was last seen changing hands at $1.10.

Meanwhile, cardano and neo are also in the green, while ethereum's ETH token is reporting a solid 5 percent appreciation.

Bitcoin chart

CoinDesk - Unknown

The above chart (prices as per Coinbase) shows:

  • The retreat from $9,090 to $8,750 has established the Jan. 17 low of $9,017.41 as strong resistance (marked by a circle).
  • Further, the descending trendline is intact.


  • A daily close (as per UTC) above the trendline would confirm bearish-to-bullish trend change and could yield rally to $11,695 (Jan. 28 high). A violation there would expose resistance at $12,500 (Dec. 30 low).
  • Bearish scenario: Rejection at trendline followed by a 4-hour close below $7,540 (Feb. 2 low) would shift attention to $5,873 (Feb. 6 low).

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase and Ripple.

Markets image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.