- Bitcoin held its ground despite several bearish news this week
- The price of Bitcoin is not affected by the series of negative news events in the crypto space
- Retail and professional investors are still bullish on Bitcoin
Bitcoin News Today – The stability of Bitcoin all through an eventful week shows that traders are confident that the bullish uptrend would resume soon. The price of the digital currency seems to be on the verge of closing another week below the $11k hurdle point. However, considering the major events that took place this week, things could have been much worse.
Bitcoin Held Its Ground Regardless of the Bad News in the Crypto Space This Week
The world’s most dominant digital currency by market capitalization held its ground as KuCoin announced that over $150 million worth of assets were stolen from the trading platform. The price of the digital currency only stumbled a little after the CTFC revealed that legal action was being taken against BitMEX exchange.
Bitcoin still held its ground when S&P 500 and DOW futures plunged after the announcement that the President of the United States – Donald Trump – had contracted the Coronavirus. In the past, it would take only one of those events to send the price of the digital currency down by more than 10 percent. Altcoins would have even suffered more losses.
Bitcoin (BTC) Price Today – BTC / USD
Marcel Pechman – a Cointelegraph contributor – said that the resilience of Bitcoin to significant negative news events indicators that retail and professional investors are still bullish on the digital currency. Pechman added that the bullish upsurge to $12k could come faster than investors expected. As has been the case of the past week, BTC has been trading in a tight range, and it has been holding over the $10,500 mark.
The VPVR on the daily chart shows a large $1,450 gap, which is September 3 candle’s length, where the price of the digital currency plunged from $11,400 to $9,950. Since then, the digital currency has plunged by about 13 percent. At press time, the RSI is slightly over 45 and the MACD is on the verge of rolling over the signal line as sell volume increases.
Bitcoin’s Bull Run Might Come Sooner Than Expected
Regarding the current range of the digital currency, looking back to May 25 to July 20, the price compressed within a similar symmetrical triangle before surging by a whopping 36 percent to its year-to-date high of $12,480. With the reaction of Bitcoin to the recent bearish news, the next major bull run is just by the corner. If that happens, Bitcoin still needs to clear the $11k hurdle point all the way through $11,400. As such, a high volume spike is needed to obliterate all the overhead hurdles.