Bitcoin was seen moving up quickly of recent. We saw several price fluctuations with correlating resistances and supports at different levels. Bitcoin recorded a remarkable percentage rise in the price of recent and this caused it’s market dominance to move slightly up in the early hour of today.
BTC Crosses $10.7k
At the time of writing this article, Bitcoin is trading at $10,700. Although, Within the last 2 days, bitcoin rose rapidly from around $9,400 and was faced with major resistance immediately after surpassing the $9500 corner. This escorted Bitcoin to the $10,000 area for the first time since 48 hours. The bull trend continued to show signs of more positivity until each unit of the coin recorded a value of $10,500.
Now bitcoin has crossed the $10,500 level and targeting $11k. The latest uptrend has reversed the rapid price slide seen on markets in the previous days. At the time, BTC/USD quickly lost hundreds of dollars to touch the recent lows of $9,400. Analysts have, since then been predicting chances of a reversal, which truly came along in the face of heavy comments from commentators who seemed to favor a continued downside.
Analysts Show Optimism
Analysts were firm in their predictions. Max Keiser pointed to developments in the court case which involves Australian cryptocurrency developer, Craig Wright, as being capable of influencing the Bitcoin markets.
According to Keiser, Bitcoin markets might be able to avert a selling pressure due to the inability of Craig to deliver 500,000 bitcoins as ordered by the court. A theory that is currently circulating is that the self-confessed Bitcoin creator does not have BTC holdings enough to make such settlements.
“#Bitcoin market discounting fact that CSW never had the Bitcoin, to begin with, so he obviously can’t pay the 1/2 M coins the court is ordering him to. With that potential supply no longer an impediment, we’ll see a quick trip to new ATH, ”
The last 24 hours have been particularly positive as top cryptocurrencies, especially bitcoin, rapidly recovered from their respective previous deep. Bitcoin (BTC) had recently experienced a price drop, falling below major support level at $10,000. This instigated the whole market condition. Various altcoins, including Ethereum (ETH) and Ripple (XRP), all recorded a correlation in price reduction. However, over the last 24hours, the crypto market rapidly recovered from the shock and top cryptocurrencies are now rising up the charts.