Forex and Crypto News

Bitcoin is trying to resume its bullish movement

12:58 14 February /2020

Today, Bitcoin is trying to resume its bullish movement as it feels pressure from the so-called FUD level in China. At the time of publication, the price of Bitcoin is $10,256. Now $10,540 is the only level that is important for traders. A break above this level will confirm a long-term bullish trend. This will provide good support for testing a further $11,000 level.

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However, some analysts believe that Bitcoin’s last pullback from the resistance of $10,500 may push its price below the level of 10,000. Bitcoin may fall to the 9500 area in upcoming sessions, adding that the bull trend will remain untouched.

Bitcoin market analysts also suggest that further situation with Coronavirus in China will force banks to inject more money into the market. Some of this money may go into the Bitcoin market, which will increase the volume of Bitcoin purchases. Analysts say that now Bitcoin is growing due to this. Also, altcoin investors can start transferring their capital from altcoins to Bitcoin with the approach of halving in May 2020. Historically, lowering the bid rate has helped traders speculate on a crypto asset deficit.

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