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Bitcoin Gets its Groove Back as Price Resistance Breaks
Bitcoin prices surged 11th October, breaking past resistance as the market regained its confidence.
Updated Sep 14, 2021, 1:59 p.m. Published Oct 11, 2016, 9:38 p.m.
Bitcoin prices surged on 11th October amid what analysts say was a sharp change in market confidence.
The digital currency rose to as much as $639.97 at the time of report, roughly 4% higher than the daily low of $615.87. While not the largest of increases, however, the development followed several weeks where bitcoin traded in a tight range following the high-profile hack of Hong Kong exchange Bitfinex.
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But the market is now recovering on stronger liquidity, Petar Zivkovski, director of operations for leveraged bitcoin trading platform Whaleclub, told CoinDesk.
After experiencing this period of sideways trading, bitcoin markets have "broken to the upside," bitcoin trader BTC VIX confirmed.
This break past resistance took place at a time when traders are bullish about bitcoin, a development which is supported by Whaleclub data. Figures provided by the investment platform reveal that the market's speculative positions have been more than 80% long since 21st September.
"The overwhelming majority of traders on Whaleclub are long," said Zivkovkski.
He added that he's seen a noticeable increase in buy-side liquidity, something he sees as a positive should the news cycle continue to provide support.
He concluded:
"This rise is perhaps a testament to a return to stronger confidence."
Image credit: Randy Miramontez / Shutterstock.com
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