2018 did not start well for Bitcoin and most of the other altcoins. However, it seems like the crisis is overcoming this mid-February, as the leading cryptocurrency punches through the $10,000 gap this week and enabling many bulls to notch another victory in the short-term future.
Bitcoin’s price has just spiked to around $9,686 and established a base of over $9k. This brought an end to the free fall on the market where BTC and other top cryptocurrencies sank to their lowest levels since November. However, there has been strong resistance at $9,000 for Bitcoin – but all of that is just yesterday’s history presently.
The climb is continuing for the leading cryptocurrency – and the largest share of BTC volume is located on the crypto exchange OKEx. This boasts four of Bitcoin’s 10 highest volume trading parts. Recent news that the Hong Kong-based exchange will launch its own utility token, OKB< also contributed to the growth.
However, the main trigger for Bitcoin’s rise according to many is the victory of the bulls. Last week, the Pantera Capital founder Dan Morehead predicted that the bear market is preparing to turn some corners. As a former Goldman Sachs trader, Morehead saw the correction as an opportunity. He also added:
“It seems like another couple of weeks and everything will be normal and [bitcoin] can start growing back up again,”
That is what the situation looks like currently – and let’s hope for an even brighter future.
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