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The 4th Attempt: Bitcoin Approached To The $10,000 Milestone Again - Binaryx

The 4th Attempt: Bitcoin Approached To The $10,000 Milestone Again

For more than a month, Bitcoin has been trying to get out of the price range of $9,500–$9,700. This is paradoxical enough for the flagship cryptocurrency because, after the halving, many leading cryptanalysts prophesied rallies to it. Bitcoin is trampling in one place, but at the same time makes attempts to break ahead. For 4 times, Bitcoin has come as close to the $10,000 barrier as possible.

If the flagship cryptocurrency can close the trading session at the level of $10,000, this will be a good start to continue the price increase in the future. Today, Bitcoin has shown bullish signs: the volume of trade in a crypto asset per day increased by 16%. Some cryptanalysts have already voiced the assumption that Bitcoin, after breaking through the nearest resistance level, can quickly gain momentum and reach a new local peak.

Bitcoin remains flagship despite current volatility

A month ago, the reduction in remuneration by half caused panic among active mining participants. But it seems that the miners were able to adapt to new realities and are now working in the usual mode. This is evidenced by a technical analysis of the Bitcoin network.

In particular, there has been an increase in the hash rate of new blocks over the past two weeks, so many experts expect an increase in the supply of Bitcoin to the cryptocurrency market. Despite the fears of bankruptcy, many miners were able to find a solution to reduce the cost of generating new blocks. According to the technical chart of the Bitcoin network, the profitability of the most powerful miners continues to grow.

It is worth noting that the crisis associated with the spread of the pandemic favorably affected the market position of Bitcoin. Today, investors are actively considering the possibility of replenishing their portfolios with crypto assets. Also, the purchase of Bitcoin for many large players in the financial market acts as a protection of capital from unforeseen global force mature, such as the pandemic and the collapse of traditional markets.

Cautious optimism in the cryptocurrency market

According to a Fidelity Digital Assets survey, more than 80% of 800 institutional investors are positive about digital currencies. Taking this into account, the crypto community is developing an improved system of tools for traders, which will allow them to monitor the state of the market more effectively.

If we consider the cryptocurrency market as a whole, we can also observe a positive trend: the volume of trade in altcoins has grown to $600 billion over the past 2 months. This is a record figure for the crypto industry, which signals that, in addition to Bitcoin, investors are also not averse to testing crypto derivatives in business.