Bitcoin Price Spikes to 3-Month High as Bull Cross Approaches

By Omkar Godbole

Bitcoin printed a three-month high on major exchanges early Monday with key indicator eyeing its first bullish turn in 11 months. 

Prices rose to $9,615 on Luxembourg-based Bitstamp exchange during the Asian trading hours. That was the highest level since Oct. 28. The top cryptocurrency also hit a three-month high of $9,628 and $9,615 on Bitfinex and Coinbase, respectively. 

Meanwhile, bitcoin’s global average price, as calculated by CoinDesk’s Bitcoin Price Index (BPI), fell $30 short of Friday’s high of $9,633 – the highest level since the end of October. 

Notably, the move higher happened as China’s stock market fell 8 percent in early trading – likely due to the coronavirus outbreak and its potential impact on the nation’s economy. The Chinese equity markets were closed last week for the extended New Year holiday.

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