Buying volume is pressing bitcoin higher. Meanwhile, DeFi investors continue to look for locations to park crypto for constant yield.
- Bitcoin (BTC) is actually trading around $10,730 as of 20:30 UTC (4:30 p.m. EDT). Gaining 0.50 % with the previous 24 hours.
- Bitcoin’s 24-hour range: $10,550-$10,795.
- BTC above its 50-day and 10-day moving averages, a bullish signal for market technicians.
Bitcoin’s price was able to hang on to $10,700 territory, rebounding out of a bit of a dip after the cryptocurrency rallied on Thursday. It was changing hands around $10,730 as of media time Friday
Read more: Up 5 %: Bitcoin Sees Biggest Single Day Price Gain for 2 Months
He cites bitcoin’s mining hashrate and difficulty hitting all time highs, together with heightened economic uncertainty in the face of rising COVID 19. “$11,000 is the only screen to a parabolic perform towards $12,000 or even higher,”.
Neil Van Huis, head of institutional trading at liquidity provider Blockfills, said he is just happy bitcoin has been able to be over $10,000, which he contends feels is actually a key price point.
“I believe we’ve seen that test of $10,000 hold which will keep me a level headed bull,” he said.
The last time bitcoin dipped under $10,000 was Sept. nine.
“Below $10,000 helps make me worried about a pullback to $9,000,” Van Huis added.
The weekend must be somewhat relaxed for crypto, as reported by Jason Lau, chief operating officer for cryptocurrency exchange OKCoin.
He pointed to open interest in the futures industry as the source of that assessment. “BTC aggregate wide open interest is still horizontal despite bitcoin’s immediately cost gain – no one is actually opening brand new jobs within this price level,” Lau noted.