Bitcoin Price Soars 7% as Bulls Find Support at Lower Levels
Over the course of the first half of the year, the cryptocurrency market enjoyed an amazing run, and much of it was driven by Bitcoin (BTC), which ended up with hefty gains at the end of each of those months.
However, the months of July and August proved to be an extremely turbulent period for BTC as it lost momentum due to multiple factors and hovered within a lower range. That being said, the cryptocurrency seems to have made a grand comeback in September, and the bulls are ruling the roost, for the time being at least.
Over the course of the weekend, there was a bit of a tug of war between the bears and the bulls, but as things stand, the latter has won the day.
The past few months, the world’s biggest cryptocurrency has enjoyed periodic bursts, but then it would give up its gains and hence, it is necessary to wait for some time before giving a verdict on this latest move. During trading on Monday, the price of Bitcoin jumped by as much as 7.30% as the bulls took control and BTC hit $10,435 at one point.
Only last week, the cryptocurrency hit $9,300, which was its bottom for the week and the current gains reflect a 12% rise from those lows.
Although it is true that the bulls scored a decisive victory during trading on Monday, experts believe that the current move in the price of BTC could also be related to the dynamics of the United States dollar and the Chinese Yuan. Many experts had earlier suggested that some of the important macroeconomic factors influencing the world at this point in time have also proven to be a major influence on BTC. The Dollar-Yuan pair and BTC rose at the same time during Monday’s trade as well. It remains to be seen whether Bitcoin can hold on to these gains over the coming days.
Featured image: DepositPhotos © AntonMatyukha