Price Analysis

Bitcoin Price Analysis: What Has Triggered 30% Surge?

Bitcoin Price Analysis: The current Bitcoin price at the time of writing is $9,727.82,  with a market cap of $175,232,275,249. The 24-hour volume was at $43,702,775,469 and a bullish surge of 24-hour change at 29.76%

Bitcoin is an ingenious payment network but the prices are affected by the external affairs highly. After a low and disappointing third quarter, BTC is once again seeking indications it may break out of the downtrend. Earlier this week on Thursday, Bitcoin price had dropped down to $7449.17. 

However, Friday evening saw a major up curve in the Bitcoin price. Bitcoin was trading at $10,017 at 7.34. The price has gained around 30% surge in one day.

Reason Behind Bitcoin Price High:

Crypto Analysts worldwide are excited about this price rise. The bearish trend following Bitcoin is left behind now. They expect the price to rise above $10k at the end of the year. 

The reason being termed is China’s blockchain adoption. President Xi Jinping earlier passes a statement that China will now adopt blockchain technology. Having banned Bitcoin from the last decade, the world’s renowned economy is all set to explore Blockchain. Though nothing is said about Bitcoin or altcoins, the statement was a trigger to price rise. 

Elsewhere, when the cryptocurrency price increased a bit, Bitmex exchange saw around $9 billion worth of Bitcoin futures exchange as reported by SKEW statistics. This has further created an increase in price. 

Technical analysts had emphasized that the digital currency was approaching a bearish formation called a Death Cross. However, the price hike has left all chances of Death cross behind. Now the Bitcoin Halving price prediction seems a possibility.

The Moving Average Convergence Divergence (MACD) line and the signal line are above the zero lines which indicates a buy signal. If the buyers can strengthen and energize the market, they can further push the price to a $12,000 resistance level.

Also Find out the: Crypto Interesting stories | Crypto Earnings |Top Bitcoin Exchange

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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