Etherium News

Bitcoin Eyes Exit From Correction Territory as Rally Continues

© Reuters.
© Reuters. — Bitcoin pared some of its gains Tuesday but remained on track to exit correction territory following a sharp two-day rally amid signs of robust demand for the popular crypto.

rose 5.29% to $12,530, down slightly from its high today of $12,531. The popular crypto is just shy of exiting correction territory, down about 10% from its most recent peak of $13,929. The level was reached on June 26.

The rally in bitcoin followed from a sudden intraday rally a day earlier, above resistance of $11,500 to test the $12,000 level. Many in the crypto community were at a loss as to the reason for the surge.

Institutional demand for bitcoin has been strong as investors appear willing to buy the dips, boosting the popular crypto’s market cap, often used to gauge demand, to $221 billion, up 5% from a day earlier.

Ongoing institutional demand could be the key for the next breakout higher, said Edward Moya, chief market strategist at Oanda Corp. in New York.

“Bitcoin looks like it could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down,” said Moya. “The bubble-like gains this time are driven on solid institutional interest and while security is still a big risk, it appears Bitcoin has overcome many of its initial growing pains.”

Other cryptos followed bitcoin higher, with falling 1.15% to $0.39357, up 1.14% to $310.85 and sliding 1.04% to $119.20.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

View original post

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button