Bitcoin (BTC) price is on the rise again after the few weeks of consolidation and it seems like the price will be heading up even further again until the next dip, according to the traders as we are reading in the coming altcoin news below.
BTC closed out during the last weekend with a slight price movement and the lowest daily volume in trading in less than 5 months. However, on Monday, the Bitcoin (BTC) price experienced some traditional gains and before we even noticed, the price was back into the five figures range. The analysts were concerned that this could be another bull trap but after all, bitcoin crossed the $10 mark almost 15 times since July so should we be worried that this time it won’t stick longer?
There are a lot of reasons according to the analysts that researched the monthly lows and they also suggested that there will be another bumpy ride on the $10K region because there is a stronger store of value building before the next bull rally. We have also seen this thing happened again three times before when the price was passing the psychological barrier of adding another digit. As of Thursday, we saw a concerted push towards the $11,000 but the gains were shortly wiped out by a big red candle. The support that was standing still at $10,300 which is now $1K up on the last week’s support, the price still continued to creep back upwards since then.
There could be a few reasons why. First, Binance announced that the users will get paid up to $220K to test the two competing futures platforms to decide which one is the best. Then, they also announced that it had acquired the Chinese derivatives platform-JEX. In the meantime, Bitfinex launched two derivatives and this leverage seemed very similar to the derivatives offered by BitMEX. However, Bitfinex stressed that the tools would mainly be used for hedging rather than gambling. Bitcoin.com also launched another crypto exchange with negative 0.3% trading fees and also Thailand’s top crypto exchange closed down and BTC on sale for $9k.
As per the latest cryptocurrency news, the mysterious $1 billion Bitcoin transaction made news this week that could also be tracked to the Huobi addresses which could also have impacted the price of the number one cryptocurrency.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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