08-08-2020 icon

Bitcoin Stays at Over $10,000 for Two Weeks as Interest in Bitcoin Futures Grows

By calvin
bitcoin over

Bitcoin has held over $10,000 for nearly two weeks. On July 27, the price of the cryptocurrency shot past $10,000 and has been making a steady climb in value ever since. Meanwhile, derivatives indicators from Bitcoin futures and options trading remain strong despite the $1 billion in liquidations that occurred on Sunday.

Bitcoin Still Over $10,000

The price of the world’s largest cryptocurrency (by market value) is currently $11,700. On Sunday, the world’s biggest crypto asset by market value has surged $12,112, reaching $12,000 since August 2019. After the high, the cryptocurrency price fell to $10,638. Since then it has made a steady return towards its high.

According to technical strategist at Fundstrat Global Advisors LLC, Rob Sluymer,

“Clearing resistance at $10,000-$10,500, which coincided with the downtrend line from the late 2017 highs and first-quarter 2020 highs, established a higher high for Bitcoin confirming a new tactical uptrend,” 

Futures Data Shows Markets Favour Bulls

Despite the $1 billion in liquidations experienced in the futures markets, a significant number of traders are bullish about Bitcoin. Half of the losses were recovered in less than 48 hours.

Most professional traders have been bullish about the apex cryptocurrency since July 24. Buyers do not appear to have been scared away by the price drop that was experienced over the weekend.

Some investors suggest that the price of Bitcoin could hit $50,000 in the future. The volatility, however, remains a concern for others.

According to Vinny Lingham, the co-founder of hardware wallet company, Civic,

This sub-$12k consolidation is setting Bitcoin up for a strong run and if it breaks through, $12k is likely to hold. $20k will be very strong resistance – it may take months to break through the ATH, and volatility will therefore be high in the $12k-$20k range.

Photo Source: Dmitry Demidko