Can Bitcoin hold its current position? Analysts say yes!
HOME PAGE CRYPTO BITCOIN CAN BITCOIN HOLD ITS CURRENT POSITION? ANALYSTS SAY YES!
After a dry spell of over a month, the Bitcoin price rose to almost 950 EUR (about 1,023 USD). According to analysts, this should be a stable development.
After holding stable at almost 850 EUR (approx. 915 USD) since mid-January, the share price has been rapidly pushed in the last few days, passing the 1,000 USD and currently standing at 945.45 EUR (1018.08 USD).
Analysts, however, are not only enthusiastic about this development and wonder whether there will be further price movements beyond the 1,000 dollar level. Some say that it would take some more work (and breaking through an important resistance) for Bitcoin to remain stable at this level.
According to Petar Zivkovski, COO of the Bitcoin Trading Platform Whaleclub, $1,000 is a huge level to be broken in a truly sustainable way.
Many traders will take the opportunity to profit from the price development. This behavior will shape the next trading sessions: Some will be motivated to trade between $1,000 and $1,200 Bitcoin for fiat currencies. According to Zivkovski, this will make the upward path even steeper.
The cryptosoft market: an emotional roller coaster ride
Yesterday afternoon, the thousand dollar barrier was broken for the first time and this was not a scam. The crypto currency fluctuated around values slightly above thousand dollars and rose partially to 948 EUR (1,021 USD). What in the Western Hemisphere the $1,000 limit is a significant cryptosoft resistance is, according to analyst Tim Enneking, the ¥7,000 level in China.
This resistance has now also been breached: since tonight, 1 o’clock in the morning, the price has risen to over ¥7000. Enneking is therefore extremely optimistic:
„If the price breaks through these two resistances (the USD 1,000 and Yuan 7,000 limits), it becomes strong support!
Crypto Trader Markets in Concern
This enthusiasm is countered by the concern of crypto trader that the share price could fall again as dramatically as we were able to observe a few weeks ago: Within an hour, the price fell by EUR 130.
Arthur Hayes, co-founder and CEO of the BitMEX trading platform, blames the Peoples Bank of China for its decision to strongly regulate the Chinese Bitcoin exchanges.
Despite these developments, he has a positive view of the current situation.
„The market is calming down from the shock of the Peoples Bank of China regulations. And as this shock eases, the price will recover and approach an all-time high.“
Data from the market should confirm this cautious positive assessment. Data from Whaleclub confirms that the market has chosen 89% long positions, which is now the third trading session in which over eighty percent were bullish about Bitcoin.
The market has therefore – for the time being – recovered from the shock at the beginning of January.