Bitcoin Keeps Fighting For 10K Level Break: The Bullish Momentum Is Gaining Strength
Bitcoin has once again focused the attention of many traders and investors. Active participants in the cryptocurrency market still retain hope for a breakthrough in Bitcoin above $10,000. For more than a month, the flagship cryptocurrency has not been able to build up strength to make the coveted upward jump.
But at the beginning of the new week, positive signs were recorded, in particular, the price of Bitcoin increased by 3%. Now the flagship cryptocurrency is trading in the range of $9,500 to $9,750. Technical indicators show signs of bullish impulses, so now it is important that this trend continues and the Bitcoin price does not reverse, as has happened many times before.
What is happening in the altcoin market at this time? Today, many leading crypto assets have strengthened their market position, and as a result, they have increased the degree of interest among investors. In particular, the growth of Cardano (ADA) was a record 12%, Bitcoin Cash (BCH) rose by 7%. Do not forget also Ethereum (ETH), which made a breakthrough last week and is now trading just below $250.
What changes did Bitcoin halving bring?
A halving of the remuneration is a factor that partially determines the price movement of the crypto asset, experts from Arcane Research said. Miners after halving sell 5% more coins than they generated and thus include coins from their crypto savings in circulation.
The sale of Bitcoin by miners is a well-reasoned process. Wanting to maintain their place in the crypto industry, which has been built for years, miners are looking for ways to block operating costs. One of such methods is the sale of previously mined Bitcoin.
Also, after Bitcoin halving, transactions became cheaper compared to the commission at the beginning of 2020. The size of the commission fell by a record of 80%. Many cryptanalysts see this as the consequence of a well-designed strategy by Satoshi Nakamoto. Controlling the issue of a crypto asset, lowering the commission for transactions, and the growth prospects of the digital currency are very attractive factors for investors and traders.
Analyzing this situation, experts came to the conclusion: Bitcoin can return to a stable strong uptrend only after less efficient miners leave the game and accordingly refuse to sell Bitcoin.