Bitcoin Suddenly Gains Momentum: Is This a Breakout?

2019 has been a remarkable year for cryptocurrencies, and much of that was marked by the hugely impressive Bitcoin rally during the first half of the year. However, that rally seems to have fizzled out, and the world’s biggest cryptocurrency has been experiencing a sustained slump.

Moreover, the cryptocurrency has also been incredibly volatile over the past month or so, and it was particularly so during the last week. After going down to $7,400 per token, BTC managed to rally to $10,350 on certain platforms. Now, the question remains whether BTC can maintain this momentum and soar higher.

The current Bitcoin rally is certainly good news for many investors and traders; however, it seems that there is very little consensus in the market with regards to the reason behind it. While some believe that this could well be a case of manipulation by some of the biggest traders, others think the rally could have been triggered by China’s newfound affinity towards blockchain tech and cryptocurrencies.

One of China’s most popular newspapers, People’s Daily, did a story on blockchain recently, and it goes without saying that if the world’s second-biggest economy gets interested in cryptocurrencies, then it could be a massive development.

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That being said, it is still unknown whether the developments in China were responsible for the remarkable recovery made by BTC over the weekend. The rally does not seem to be entirely random, considering the fact that there are some other developments that could be considered as blessings for BTC. For instance, BTC has now been added to the Opera cryptocurrency wallet, and that could make the token more easily available for people all over the world.

According to analysts, the wide-ranging positive developments around Bitcoin all over the world are definitely positive for the cryptocurrency in the long run. However, it remains to be seen how it performs over the coming days.

Featured image: DepositPhotos © AntonMatyukha

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