With all its ups and downs, and considerably low progress, within the months of August and September this year, finally Bitcoin was able to get on its feet again. Despite the existence of indecisions in the market, yet Bitcoin managed to rise back to US$ 11,000. It is said that Bitcoin is once again establishing its foothold and portraying its long maintained dominance in the crypto world.
Having been trading for less than US$ 10,800 within and before this week, however, the first cryptocurrency of the world and subsequently the top cryptocurrency asset in terms of its market value is being traded today for a price of US$ 11,000 per Bitcoin as per CoinDesk’sBitcoin Price Index. But the dilemma for the present moment seems to be that the buyers of Bitcoin are finding it very difficult to keep the prices over and above US$ 11,000 for the past many days.
According to Bitcoin’s past performance on Wednesday and Thursday, though it managed to go as high as US$ 11,104 and US$ 11,050 yet at the time of closing the prices went below which allowed it to remain at the capped price of US$ 11,000 on both days. The experts were of the view that evidently Bitcoin was able to create a Doji candle on Thursday where the closing price was seen to be directionless but it successfully ended on a flat note.
Apparently the statistics show that the number of investors in the crypto world is increasing rapidly and the likelihood of Bitcoin to acquire post sustainable gains over and above US$ 11,000 is higher.
Mr. Cole Garner, who is an analyst of cryptocurrency and crypto-based assets, was of the view that the current spike in Bitcoin is due to the drainage from the miners’ wallets to crypto exchange which is an issue which needs to be addressed immediately otherwise the traders will not be able to recover their prices. It is however reported that since a major supply of bitcoin is being gone into various crypto exchanges therefore there are chances that this will indirectly increase selling pressure.