Bitcoin price today-Bitcoin back above $ 10,000: After reaching a high of around $ 11,500, Bitcoin has been falling consistently throughout the week. It reached a low of around $ 9500 in the last 48 hours. Ever since then, it has been rallying and is currently back above $ 10,000.
Weak Rally:
The current rally, however, seems pretty weak. Currently, it is trading around $ 10,200. Moreover, in some of the exchanges around the world like in South Korea, it is trading at a premium.
The last 24 hours performance of Bitcoin has been a bit positive. It has risen around 2% in the last 24 hours. Even though, it might seem like a relief rally is on the way but the momentum looks pretty weak. The volumes are also not on the higher side.
On the other hand, the relative strength index is a bit on the positive side, to say the least. With the volumes waning, it remains to be seen how much longer Bitcoin can stay at the current levels.
According to some of the analyst, Bitcoin can test around $ 8800 in the coming weekend. This would mean a fall of around 12% from the current levels. This is the reason why many of the traders are trying to keep away from Bitcoin.
Investor concerns:
There is consistent negative news surrounding Bitcoin. The regulators in the UK are planning a detailed discussion on Bitcoin. Moreover, the Treasury committee is also looking into an inquiry on Bitcoin. This means there would be greater scrutiny on Bitcoin and probably rules and regulations. This is worrying many Bitcoin investors.
On the other hand, not all news is negative. South Korea has confirmed that it would not ban cryptocurrency trading outright. It will sure enough, frame proper rules and regulations but not ban it entirely. This has been a huge relief for most of the cryptocurrency enthusiasts. This is the reason why cryptocurrencies have risen from the bottoms they made 3 weeks earlier. The current rally, however, seems to have stalled.
Only with more such positive news, can Bitcoin cross the recent highs of around $ 11,500. Till then, it would be a good idea for the investors to sit tight. The volumes on this weekend are set to be tepid which would result in further consolidation with a downward bias at least for the weekend.
Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.
