The price of Bitcoin continued its yesterday’s move today, seeing $10,340. Analysts say the real jump will come after $10,500.
Bitcoin, which saw $10k for the first time since early June yesterday, continues its upward movement today.
The largest cryptocurrency by market capitalization was up to $10,340 at Bitstamp. The price is $10,230 per minute when the news airs.
Vijay Ayyar, a business development manager at cryptocurrency exchange Luno, told CNBC in his assessment that the big players in the cryptocurrency sector are discussing selling their BTC at their hands to small investors newly involved in this world. The goal here is to lower the price and the big ‘ traders can buy BTC at a cheaper price:
“But we see that this is not happening right now. The seniors are collecting BTC, and now the minors have joined them. That led to the price going up to over 10 grand. $10,500 is a major resistance point, and that level is being challenged. If this place breaks up, Bitcoin will likely start a run at $15k. All signs point to this”
The announcement of aid packages by states and central banks in the coronavirus pandemic caused a rise in both stocks and gold markets, and vaccine work was followed with interest by people, Ayyar said.:
He said: “We will continue to see rises in markets, including gold and equities, thanks to these stimulus packages that have never been seen before. BTC and cryptocurrencies will go the same way. There is no reason for the possibility of a decline at the moment, given that vaccine studies are going positively”
Meanwhile, Robert Sluymer, a technical strategist at Fundstrat, market research and consulting firm, pointed to the $10,500 level. Sluymer suggested that this level remains a key point of resistance for Bitcoin, with the price likely to rise to $13,880 if it breaks.