In the second half of October, bitcoin soared by more than 40% from $ 7,300 to $ 10,500. The first such dynamic dynamics cryptocurrency has not demonstrated since 2011. Last week, volatility weakened, and the BTC rate corrected during this period in the range of $ 9000-9400.
A Delphi Digital study says thatthe position of the first cryptocurrency at the level of $ 7300 can be called the updated “bottom” of the coin. By this concept, experts often denote the position of an asset in which it enjoys the support necessary to prevent a new decline in value.
Researchers remind that after reachingbottom we saw the resumption of expansion. A key sign of achieving fundamental values was the fact that BTC sales fell sharply after reaching $ 7300. Then came the accumulation phase, which dominates even now.
The accumulation period may be long, but inIn any case, it signals the imminent transition of Bitcoin to the stage of steady growth. Experts believe that the cryptocurrency market is strongly tied to risky assets, for example, the S&P 500.
Last Friday, November 1, this indicatorsoared to a new high after the publication of data on US employment and information about a possible trade deal between Washington and Beijing. The growth of the US stock market creates the conditions for an influx of investments in the blockchain industry, which helps strengthen the position of bitcoin.
Famous trader Josh Rager recently on TwitterHe wrote that the first digital currency will be trading above $ 9,000, as large coin holders or the so-called “bitcoin kits” are not interested in weakening it.
Aggressive selling being held up by the heavier hand was showing the bigger player didn’t want price to drop from $ 9000
At least short term
Nice bounce from $ BTC to tap $ 9400 https://t.co/5ZhUYDwaO9
- Josh Rager? (@Josh_Rager) October 31, 2019