After discussing 5 reasons why Bitcoin price could surge on Saturday, the world’s largest virtual currency by market cap rallied more than 11 percent on Monday as Tether, a token designed to be pegged to the US dollar, dropped more than 2 percent.
The price recovered above $6,900 level around 8:00 GMT for the first time after a major
The price of the three biggest digital currencies, Bitcoin, Ethereum and Ripple all jumped collectively by 11 percent higher.
The sudden rise in Bitcoin price was triggered by a
The sudden drop in the value of Tether created a premium on
This morning, Bitfinex published a statement saying it temporarily suspended fiat deposits on to the exchange last week “for certain user groups” in order to deal with “processing complications.”
The statement reads as follows:
We are working to implement a new and increasingly robust fiat deposit system to be available in the next 24 hours, by Tuesday, October 16, 2018, to allow for the efficient processing of fiat deposits. Until then, we apologize for the inconvenience of the situation.
Meanwhile, some have claimed that the price surge was not caused by the Tether
While there are still quite a few things to be explained regarding the current situation, the truth is that a lot of retail investors seems not to be bothered about the reasons behind the price surge.
Short-Term Bitcoin Technical Forecast
During the past few trading hours, Bitcoin broke the $7,000 mark as the cryptocurrency market recovered. The digital coin added about $20 million into the market value. Bitcoin has corrected to trade around the $6,666 mark, with USDT premiums on Bitfinex exchange keeping the price at around the $7,400 mark.
Bitcoin price rally was up to $7,200, marking a 12% increase at the height of the recovery. The price is currently up by 5.12% over the past 24 hours. The Bitcoin price was trading in a closed space over the past month and it was unable to go past the $6,600 zone.
This indeed was a crucial resistance level for Bitcoin, with multiple rebounds over the past month. A new resistance was formed at $6,950 mark after the sudden surge.
The weekly charts show that the 100 SMA line is far above the 200 SMA line which suggests that the path of least resistance is to the upside. That is to say, the bullish rally is more likely to resume than to reverse. Nevertheless, StochRSI and CCI indicators in daily
However, if Bitcoin can surpass the $7,300 monthly resistance level in the
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