Cryptocurrencies

Bitcoin (BTC) on October 8, 2020

Bitcoin (BTC) is trading at $ 10,907 today, October 8, 2020, at the time of writing this article. BTC absorbed losses due to the CFTC’s announcement of civil actions against BitMEX. Bitcoiners welcome one of Jack Dorsey’s babies to his community. Tweets about such an event explode – what is normal – just like the price of Bitcoin – a small explosion. Under markets and social media, miners continue to dig and display their confidence in Bitcoin.


A new square BTC whale

Bitcoin was almost $ 50 to cross $ 11,000 today; the course of BTC is doped by the announcement of Square of the purchase of 4,709 BTC valued at $ 50 million.

Square buying Bitcoin BTC Jack Dorsey

Source : Image via Twitter

Square therefore follows in the footsteps of MicroStrategy who bought 21,454 BTC in August 2020. The arrival of new institutional investors is a double-edged sword for Bitcoin.

On the one hand, it increases massive purchases which are favorable to an explosion in its price. On the other hand, it poses the risk of market control by a small number of whales BTC holding a significant amount of Bitcoins.

In the short term, Bitcoin must break through the resistance zone of $ 11,100 – $ 11,300 in order to seriously re-attack the $ 12,000.

The volatility of Bitcoin is now at its lowest level, giving it a 6 out of 7 chance of starting a bullish rally.

Long-term bullish BTC miners?

Data from Glassnode show that the hashrate of Bitcoin on the 1 hour chart, just hit a new ATH of 170 exahash.

This hashrate increased by 40% since the halving of May 11, 2020; this not only increases the security of the network but, this indicator also shows the confidence of the miners in a rise in the price of the BTC.

Bitcoin BTC ATH hashrate

Source : Image via Twitter

Historically, markets react negatively to a transfer of BTC from minors’ wallets to exchanges.

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Will today’s rise finally be a wet firecracker quickly forgotten when the markets open tomorrow, October 8, 2020? Or could this leverage convince the bulls to retry an attack on the historic resistance of $ 11,100 – $ 11,300? The fundamentals continue to improve for Bitcoin. And it will be useful to support a sustainable race to $ 20,000 and up, then $ 100,000.

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