Bitcoin has shifted its focus from six-day run of gains to the psychological obstacle of $12,000
Crypto Business World
CBW -External Analyst
Oct, 17 2020
Bitcoin has closed the sixth consecutive on this Monday. They have also confined that so far it was one of the longest winning trends which happened after 2019. Not only this, even the cryptocurrency has gained profit from $10,500 to $11,700 since Wednesday. Looking at such a great growth, Simon Peters who is an market analyst believed that the profit will continue to grow. The Payment company Square's has also floated in the bitcoin. They have boosted the confidence of their valued investors for other prospects that are long term.
If you consider the technical aspects, well, the experts have turned bullish with rise of the cryptocurrency above $11,250 resistance. There has been some warning made by Simon Peters on this earlier. According to him the consolidation can be noted before the growth up to $12,000 take place since the cryptocurrency has overbought in short span of time. This seems to be a great opportunity as they can see a tiny dip which is to stay above $11,000 continuously. However, they team is hoping to earn a good run to $12K in the coming days.
With great advantages comes great drawbacks too. Due to this impeccable profit which io course is worth appreciating, Bitcoin has also been under the pressure for more than 12 hours as the number has fallen from $11,723 to $11,450. Since the setback shows that hourly rate is falling, Patrick Heusser who is working at Zurich-based Crypto Broker AG as a senior cryptocurrency trader consider it as a scope for a better bullish move in the future. Basically, the case of bullish is open interest pick up along with the trading volumes for the upcoming ones that are listed on major exchanges.
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