Bitcoin Surges Towards $10,800 as Recovery Continues: Here’s What Comes Next

2020-9-15 13:00

Bitcoin is surging higher as legacy markets rally. The leading cryptocurrency is up around 5% in the past 24 hours, outpacing many altcoins, with focus re-centering on BTC.

The cryptocurrency seems to be benefiting from a drop in the value of the U.S. dollar. This has historically sent both gold and Bitcoin, along with the stock market, higher.

Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million

There do seem to be some technical reasonings behind Bitcoin’s ongoing rally too, though. Namely, the cryptocurrency managed to close its weekly candle above the pivotal $10,000 support, which is a technical trend that analysts say gives BTC a chance at rallying.

At current, Bitcoin trades for $10,750, having moved above $10,800 just an hour or two ago. This is the highest the cryptocurrency has traded in over a week.

Analysts are optimistic that BTC continues to move higher as technicals and fundamentals continue to suggest more upside is in the works.

Chart from TradingView.com of BTC's price action over the past few days Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 Funding Rates Corroborate Expectations of Further Bitcoin Upside

The funding rates of Bitcoin futures markets are negative despite the ongoing rally, boding well for more upside.

The funding rate is the fee that long positions pay short positions to ensure that the price of a derivative trades near/at the price of the spot market.

Negative funding rates suggest that shorts are currently heavily positioned.

While this may lead some to believe that Bitcoin is primed to move lower due to potential selling pressure, negative funding rates are often seen before the BTC price rallies. It appears that the market often goes against the majority; in this case, that would mean Bitcoin continues to move higher to shake out short position holders.

Technicals Agree

The technicals agree with the assessment that Bitcoin will soon move higher.

One analyst, referencing the chart below, noted that it would be unwise to sell after Bitcoin underwent the current pullback:

“Kick yourself if you were selling after a 20% pullback from the highs into the first test of one of the most significant support and resistance flips we have had in years. Context is everything,” he explained.

Image Courtesy of Cantering Clark. Chart via TradingView.

As the chart indicates, Bitcoin’s recent price action has actually shaped up to be more bullish than bearish. The cryptocurrency managed to cleanly bounce off the pivotal $10,000 horizontal, negating the bear case that some were expecting to play out.

Related Reading: It’s “Logical” for Ethereum To Reject At Current Prices: Here’s Why Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Surges Towards $10,800 as Recovery Continues: Here's What Comes Next

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 96013.35 (+0.35%)
Объем 24H $41.112b
Изменеия 24h: -1.44 %, 7d: -7.04 %
Cегодня L: $95217.68 - H: $97458.26
Капитализация $1901.037b Rank 1
Цена в час новости $ 10778.71 (790.77%)

bitcoin cryptocurrency focus altcoins outpacing hours re-centering

Источник: newsbtc.com

bitcoin cryptocurrency → Результатов: 126


Bitcoin Champion Max Keiser Blasts Argentinian President’s Crypto Stance

Argentina and El Salvador, both facing economic struggles, are taking vastly different approaches to cryptocurrency. While El Salvador became the first country to adopt Bitcoin as legal tender in 2021, Argentina’s new president, Javier Milei, is taking a more measured route, prioritizing regulation and differentiation between the crypto and the broader cryptocurrency landscape. Bitcoin Distinction […]

2024-4-3 20:00


Market Dynamics Point To Potential Cryptocurrency Surge As Traders Get Set For Another Bitcoin Pump

Cryptocurrency traders are accustomed to Bitcoin and other assets charting their own course, often independent of traditional stocks and industries. However, recent highs in the S&P 500 and gold markets are generating a buzz within the crypto community, with many anticipating a positive divergence that could drive BTC and altcoins […]

2024-3-29 07:58


Bitcoin needs to step aside, the next Bitcoin with a real product is here

Bitcoin (BTC) is the first and largest cryptocurrency by market cap. However, the cryptocurrency landscape has greatly evolved since its creation in 2009. And Bitcoin Spark (BTCS), a new crypto project with a real-world product, is challenging Bitcoin’s supremacy by paving the way for a new era of cryptocurrency use cases. Bitcoin news BlackRock (BLK) […]

2023-8-17 04:10


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Decline Continues: Are Bulls Losing Control?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.

Bitcoin Price Struggles at $100K: Is The Rally Losing Steam?

Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.

Bitcoin Price Dips Again: Is The Momentum Shifting?

Bitcoin price started another decline and traded below the $98,000 support. BTC dipped toward the $95,000 level and is currently correcting losses. Bitcoin started a fresh decline below the $98,000 support zone.