July 20, 2024

BTC has passed the bottom and is entering a stage of steady growth

BTC has passed the bottom and is entering a stage of steady growth

In the second half of October, Bitcoin soared by more than 40% from $7,300 to $10,500. This is the first time such aggressive dynamicscryptocurrency has not demonstrated since 2011. Last week, volatility weakened, and the BTC rate corrected during this period in the range of $ 9000-9400.

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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 can be long, but inIn any case, they signal the imminent transition of Bitcoin to the stage of confident growth. Experts believe that the cryptocurrency market is strongly tied to risky assets, for example, the S&amp;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 tweetedwrote that the first digital currency will trade above $9,000, as large holders of the coin or so-called “Bitcoin whales” are not interested in its weakening.

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