Within the terminal hour Bitcoin (BTC) price broke out of its sideways range to briefly push above the $ix,500 level. The move comes afterwards a slight uptick in daily trading volume since Mon (July 20) and traders will now watch to see if the meridian-ranked digital asset on CoinMarketCap can concur $ix,500 and pursue a daily higher high higher up $9,775.

Perhaps the move is purely technical every bit Bitcoin cost has been compressing into a tighter range of college lows and lower highs since early June, or maybe investor sentiment has been buoyed by recent events in the news.

Crypto market weekly price chart

Crypto marketplace weekly toll chart. Source: Coin360

Earlier today Cointelegraph reported that the Office of the Comptroller of the Currency (OCC) has given permission to allow federally chartered U.S. banks to provide clients with crypto custody services.

This is a positive pace forward every bit it removes some of the rigamarole involved in acquiring and storing cryptocurrency, meaning, crypto investors will somewhen be able to agree their digital assets in the same bank where they keep their checking, savings, and brokerage accounts.

The contempo announcement from the European Union to kickstart some other $857 billion euro round of stimulus and the expectation that the U.S. Federal Reserve will follow suit with a $1 to $two trillion economic stimulus package could also be boosting investors' conventionalities that as long equally the Fed is printing, equities will rise and Bitcoin volition soon brand some other run at $x,000.

In regards to the new rounds of stimulus Gemini exchange co-founder and CEO Tyler Winklevoss suggested that:

"The Fed continues to set the stage for Bitcoin's bull run."

Central banking company printing continues to push the markets college

In traditional markets, silvery started off the week with a strong pump which completed a nice cup and handle pattern on the daily timeframe, and at the time of writing the nugget is up 19.25% for the week.

Gold has also continued its upwards trajectory by pushing to a new high at $ane,874 today. To date, gilded has gained 29% since the coronavirus-driven market correction occurred in mid-March.

The S&P 500 and Dow likewise continue to push button a scrap higher each mean solar day, farther proof that investors expect that the Federal Reserve and central banks across the world will go along to curl out stimulus.

As mentioned earlier, expansionary monetary policies are conspicuously boosting investor confidence in the markets regardless of whatever weaknesses analysts might spot in the economy.

Retrieve, as the age-quondam maxim dictates: The stock market is non the economy.

Bitcoin daily price chart

Bitcoin daily toll chart. Source: Coin360

Now that Bitcoin price has managed to shut the day above $9,500 investors will watch to see if a higher loftier above $ix,775 can be achieved, later which a shot at the $9,900-$x,000 level comes into play.

Altcoins besides posted moderate gains as the Bitcoin price pushed college at the commencement of this calendar week.

Ether (ETH) rallied by near 12%, XRP gained 2.88%, and Litecoin (LTC) added 2.86%.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $284.seven billion and Bitcoin's dominance rate is 61.7%.

Keep track of top crypto markets in real time here