Bitcoin Struggling to be Traded upto $10,700 & will not go above US$ 11,000

Bitcoin Struggling to be Traded upto $10,700 & will not go above US$ 11,000

Today’s statistics of the crypto-trading market indicate that currently, Bitcoin (ETC) is being traded-in and around the range of US$ 10,757. At the same time, a low of 1% has been recorded in less than the past 24 hours’ time. It remained well within the range of US$ 10,621 to US$ 10,924 in the past 24 hours and at one point in time of the past day was being traded on approximately US$ 10,956. This raised an argument amongst cryptocurrency investors who commented that Bitcoin is still performing much below its average price. Apparently, they expect to be over US$ 14,000 but considering the circumstances, an average price of over US$ 11,000 would be a milestone.

Many experts are of the view that for the past couple of months Bitcoin’s price trending remained directionless. This has led many investors to withdraw their funds from Bitcoin and use it with the decentralized finance (DeFi) which seems to be rapidly growing its popularity amongst the crypto investors. Even in these circumstances, Bitcoin had set up a new record of maintaining its position for 63 consecutive days to be traded over and above the range of US$ 10,000 which has been termed by many Bitcoin fanatics as the Bullish indicator.

An analyst of Fairlead Strategies, Katie Stockton, commented that Bitcoin’s performance is co-related with trading products such as stocks and Gold within the traditional markets. The CEO of Global Digital Assets, Michael Gord was also seen commenting on the Bitcoin. He said that he is foreseeing yet another “bearish” indicator for the crypto industry. He commented that there are chances that in the near future Bitcoin might go above US$ 11,000 but will not be able to sustain that price for too long because too much has been going on these days which is unfavorable for the crypto industry as a whole. For instance, recently one of the biggest exchanges, KuCoin, has been hacked which will adversely affect the crypto assets’ performance this week, he said.

Bitcoin recently underwent a Bearish effect between mid-August till mid-September which resulted in 75% low within the Bitcoin’s ETP volume (i.e. exchange-traded-products).

Leave a Reply

Your email address will not be published. Required fields are marked *