Bit-comment: Bitcoin rebound reached $10,700

Bitcoin rebound reached $10,700 and then showed a slight rollback. As a result, Bitcoin has been growing by 2% in the last 24 hours and traded on Wednesday morning for $10,600. Thus, the BTC still remains in the side trend, and we will declare the exit from this trend only after breakthrough above $12K.

Altcoins, as expected, lost the growth momentum quite quickly. Bitcoin dominance index reached 70.5%, continuing to increase. Presumably, this is mainly due to the sale of altcoins. The reason for the current positive dynamics was speculation around Argentina.

The premium for buying Bitcoin on the LocalBitcoins crypto exchange reached $1,000. The news background and Bitcoin rebound led to a massive ($68 million) liquidation of short positions on the BitMEX crypto exchange, which certainly supported the hot demand for the benchmark crypto asset. So far, Bitcoin has not been allowed to decline steadily, attracting actively purchases after each correction.

The FxPro Analyst Team