Bitcoin exchange rate resumed its growth to reach$ 10,000 after a pause of a few days
Stock Markets Group – bitcoin exchange Rate resumed its growth, after the price of bitcoin has reached a level of $9 000, as we predicted earlier met support near the upper boundary of the Ichimoku cloud.
Bitcoin in the last few days had difficulties with growth, however, the cryptocurrency market is gradually recovering, despite the recent news regarding the breakup of the nuclear agreement between the US and Iran.
23:10 GMT., main trading platforms display these values of the rate BTC/USD:
Bitstamp – $ 9 279 (+1.21%)
Bitfinex – $ 9 295 (+0.5%)
Coinbase – $ 9 275 (+1.20%)
The market capitalization of bitcoin at the moment is $158 397 billion.
The bitcoin exchange rate began to fall due to futures
As reported in the document published by the Federal reserve Bank of San Francisco, the market for bitcoin futures was the main reason for the decline in the asset price after a rapid growth in December 2017.
Researchers from Stanford University concluded that the reduction most popular cryptocurrencies in the last 4 months was not accidental, and coincided with the beginning of the introduction of derivatives trading coins on the Chicago Mercantile exchange.
Historically this fact is confirmed in the analysis of similar stories from other financial instruments and cryptocurrency in this regard only confirms the similarity of the trends.
In their work the researchers note:
“The maximum rate of bitcoin coincided with the beginning of futures trading on the Chicago Mercantile exchange, the price began to decline and it is not a coincidence. It is likely the opposite is consistent with the behavior of any asset after the emergence of the futures market on its basis”
Skeptics of this theory may note the strong reduction in the price of Bitcoin before the advent of derivatives. However, if you look at the chart you notice that every time the quotes were played the previous fall with the release of plus.
The last situation is when the price of the cryptocurrency fell by $6 000, similar to previous periods, as it is connected with the input of bitcoin futures. As a result the price has been unable to return to the maximum of $20 000.
“We believe that the rapid price increase of Bitcoin and its fall after entering the futures trading to the theory of pricing. After the derivatives market will expand, the pressure will increase, which will lead to further reduction of the course”
The report also says that gradually the speculative component is virtually eliminated from the price, and the determining factor for bitcoin can be used in transactions costs, stimulating demand and supply on the market of cryptocurrencies.
Bitcoin exchange rate today
Last days for the asset was not very good, although quite predictable from the point of view of technical analysis.
The price of cryptocurrency after the first test the psychological mark of $10,000 back on $ 1,000 down for a second attempt of breakout of this resistance.
As seen in the chart of bitcoins, today’s the day for digital asset ends growth. We expect that in the coming days, the quotes will be closer to $10,000 and buyers try a second time to consolidate efforts.
In this case, the next target will be the level of $11 500 and then the price will try to reach $12 000.
I must say that in the event of a breakdown the last important resistance on her route there are no obstacles that will only hasten the growth.
The negative scenario
The rate of bitcoin will not be able to resume a positive trend and turn down.
In this case a breakout of the support $9 000 open price the way to $7 500 and further to the February low of $6 300.
However, in the present conditions such a development is unlikely and quotes in the near future will be able to demonstrate the desire of the active players to overcome an important psychological level.
In the course of the day the main cryptocurrency of the first ten, does not show steady growth. So the rate of Ripple after yesterday’s decline of 3%, continues to decline, and by the present moment lost another 0.6%, and the rate Bitcoin Cash on the contrary strengthened by 1.84%, Ethereum, too, was able to leave in small plus and added 0.17%.
Total market capitalization of crypto-currencies is now $368 154 billion.
Market analyst cryptocurrency
Stock Markets Group™