Over the weekend, Bitcoin updated its 15-month highs, reaching $11,200 at some point. On Monday morning, there was a rollback to the $10,500 area, but at the time of writing, the BTC rose to $10,800. The new phase of the Bitcoin growth is expectedly replaced by a rollback, although very insignificant. At the moment, this price dynamic can hardly be called a correction. Last week, BTC consistently grew towards the threshold of $10,000, along with the same consistent increase in trading volumes. Then everything passed into perfect conditions for a new spike.
Bitcoin hit not only $10,000 but almost immediately $11,000, which provided him with an airbag for a rollback. It is also worth noting that, at the moment, profit taking flows very carefully, at the background of reduced trading volumes.
On the other hand, the more dizzying the market reaction looks, the higher the chances that Bitcoin can “crash into a wall”. Too many market participants are hoping for the best, which creates favourable conditions for owners of large volumes of digital assets to “cut” quick profits.
The FxPro Analyst Team
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