It is weekend and, as is often the case, that means a quiet cryptomarket. Nevertheless, Bitcoin (BTC) managed to gain some ground today. The value of the largest crypto currency has risen to nearly $ 106,000. But even more important: the end of the downward movement of the past few weeks seems to be near. At the same time, the market has enough positive guidance for next Monday.
Bitcoin is continuing an upward trend
Bitcoin is now even on track to close the week in the green. A lot has changed in a few days. On Thursday it seemed an almost impossible task, when the race plummeted during the upbringing between Donald Trump and Elon Musk.
That day the Bitcoin course crashed to a low point of 100,400, which is 5,000 dollars lower than this week’s opening price. A second red week in a row did not seem to avoid anymore.
But a day later the loss was already polished away, and today Bitcoin continues on the same footing. The limit of $ 105,000 was broken this afternoon, and a little later we were except for a hair of $ 106,000.
With that, Bitcoin has now also exceeded the 10-week advancing average (the yellow line). If it is possible to stay above that today, then according to analyst Matthew Hyland ” ” very likely ” that we have seen the soil. He even thinks that we can now prepare ourselves for new all-time highs.
The current record of $ 112,000 was reached on May 22. After that, the price was corrected by more than 10 percent. Relatively speaking, that is not too bad. And it was also necessary somewhere, after seven consecutive green weeks with a total increase of almost 50 percent.
Good news coming?
The cryptomarkt lives especially in the expectation that positive news will come from the trade battle between the United States and China next Monday. Last Thursday Trump reported that he had ” a good conversation ” with Chinese President Xi Jinping. A day later, the announcement followed that representatives of both countries will go around the table in London on Monday.
“The meeting should go very well,” Trump wrote on his Truth Social. The last time that a temporary agreement was concluded, it was precisely the push that Bitcoin needed to set a new record.
Source: https://newsbit.nl/bitcoin-koers-stijgt-naar-106-000-markt-hoopvol-voor-maandag/
