Bitcoin spikes $600 to reach nearly $9,000 per coin

Are the Bitcoin bulls back?

The price of Bitcoin has surged by close to 5 percent over the last 24 hours, which means BTC is now trading for nearly $9,000 per coin. Should it cross that threshold, it would be the first time Bitcoin trades above $9,000 since November.

Bitcoin has come close to the $9,000 mark a few times this month, reaching as high as $8,904 on January 19. Nevertheless, BTC has failed to break past this resistance level, and fell back to as low as $8,338 last Sunday.

The cryptocurrency is currently trading for right around $8,950, which represents a $600 increase to its price in a single day. Will the bulls finally break past $9k?

January typically isn’t a very good month for Bitcoin. The coin traditionally experiences turbulent price fluctuations in connection with the start of the Chinese New Year. Each year, it seems as if the event correlates with a massive crypto dump that has seen Bitcoin lose anywhere between 15 and 50 percent in its value. The holiday ended on January 27, which is when Bitcoin reached its lowest price in nearly two weeks.

But now that Chinese New Year has come and gone, it seems like Bitcoin might be on a path toward recovery.

And that tide may just be lifting all crypto boats today.

Bitcoin Cash, for example, is up by more than 8 percent today following news of a controversial proposal to impose a 12 percent “tax” on mining rewards to boost development on the Bitcoin Cash network.

Bitcoin Cash is now trading for about $370 per coin.