Bitcoin climbed by more than a per cent in 24 hours and at the moment changes hands for $9,800. At some point, the coin managed to grow to $9,900 but encountered resistance there. Trade volumes were stable. $10K became a tough price barrier for Bitcoin.
Every time the bear’s pressure increases, the coin gets support from the buyers. That the signs of an upward impulse, which will be enough to overcome the desired round level.
Sideways price trends don’t end well for Bitcoin. However, there is a chance that the current sideways trend will end on a positive note as it managed to stay afloat after three unsuccessful attempts.
Bloomberg Intelligence analyst Mike McGlone believes that due to the growth of open positions on futures and demand from institutional investors, Bitcoin has a chance to overcome $20,000 this year. Such forecasts are music to the ears of crypto fans. Still, for this to happen, it takes a lot of factors to be favourable.
The FxPro Analyst Team
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