Buying volume is pushing bitcoin higher. Meanwhile, DeFi investors continue to seek locations to park crypto for continuous yield.
- Bitcoin (BTC) is trading approximately $10,730 as of 20:30 UTC (4:30 p.m. EDT). Gaining 0.50 % over the previous 24 hours.
- Bitcoin’s 24 hour range: $10,550-$10,795.
- BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin’s price managed to hang on to to $10,700 territory, rebounding from a little bit of a dip following the cryptocurrency rallied on Thursday. It was changing hands around $10,730 as of press time Friday
Read more: Up 5 %: Bitcoin Sees Biggest Single Day Price Gain for 2 Months
He cites bitcoin’s difficulty and mining hashrate hitting all-time highs, together with heightened economic uncertainty in the face of rising COVID 19. “$11,000 is actually the only screen to a parabolic run towards $12,000 or even higher,”.
Neil Van Huis, mind of institutional trading at giving liquidity provider Blockfills, mentioned he’s simply happy bitcoin has been in a position to stay over $10,000, that he contends feels is actually a critical price point.
“I feel we’ve noticed that test of $10,000 hold which keeps me a level headed bull,” he said.
The last time bitcoin dipped below $10,000 was Sept. 9.
“Below $10,000 makes me worried about a pullback to $9,000,” Van Huis added.
The weekend should be fairly calm for crypto, according to Jason Lau, chief functioning officer for cryptocurrency exchange OKCoin.
He pointed to open interest in the futures market as the source of that assessment. “BTC aggregate open interest is still horizontal despite bitcoin’s overnight cost gain – no one is opening new opportunities at this cost level,” Lau noted.