The performance of Bitcoin for the past many weeks remained quite alarming. However, the price of the leading cryptocurrency of the world went up on Monday and got very near to about US$ 11,000. To many Bitcoin investors, the past eight months were not pleasant where Bitcoin remained much below to its average value. The bearish effect was so severe that at one point in time till mid-August to mid-September this year the total Bitcoin’s ETP volume went low as at least 75%. Many of the investors started to withdraw their investments.
However, since the early half of the day on Monday, Bitcoin has been traded for US$ 10,874 wherein 1% gain has been acquired by it in less than 24 hours. It was expected that the range of Bitcoin would be between US$ 10,705 to US$ 10,956 and surprisingly Bitcoin successfully closed its value at US$ 10,956. The news of increase went like wildfire and opinions from experts started to coming in which suggested that this can be an indication of “Bullish” because for the past many several weeks Bitcoin’s performance remained much below its average.
Bitcoin was traded as high as US$ 10,956 on Monday until it lost the steam and was then traded for US$ 10,874. But the oldest cryptocurrency of the world has set up a new record wherein it has managed itself to be traded over and above US$ 10,000 for the past 63 days. Mr. David Lifchitz, who is the Chief Investment Officer at ExoAlpha crypto exchange firm also commented that Bitcoin’s achievement of trading over and above US$ 10,000 for the past 63 days is a huge achievement which had surpassed its old record.
Many Bitcoin investors are considering the present performance of Bitcoin as Bullish. However, there is widespread disbelief amongst a huge number of Bitcoin investors who think that it will not go beyond US$ 11,000. So, there is a sign of caution. There is yet another set of people who believe that we are nearing the end of third quarter of the year there is a possibility that BTC might rebalance or that the opportunities of deriving profits may be created.