Bitcoin Bulls: Chinese Investors are Willing to Pay Extra for BTC

As Bitcoin prices look to consolidate from reaching a relative high over the weekend, Chinese traders in particular are giving bullish indicators as to the future of the currency.

Analysts have been struggling to categorize the exact market movement for Bitcoin and cryptocurrency over the past week. Following the surprise bullish turn for Bitcoin, which was catalyzed by 20,000 BTC–worth $100 million at the time–being purchased in a coordinated fashion across three exchanges. Since that initial, whalish purchase, the crypto markets have been on a steady upward trend.

Bitcoin jumped to $5300, establishing a relative high for 2019 and giving the currency its most bullish day of trading since December 2017. Over the weekend, BTC once again challenged the $5300 line, meeting significant resistance but not enough to dismay analysts. Instead, many are calling for the primary resistance to come at $6000, marking the price level for Bitcoin when its valuation plummeted in November…

Read Full Story : Ethereum World News

2019-04-08 17:19:36

Michael Lavere

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