Bitcoin is currently on a positive trajectory which indicates that it could go on to perform much better sometime in the near future. At press time, Bitcoin is sitting close to $10,500 according to data from CoinMarketCap while still maintaining its dominance of the entire crypto market, above 70%, maintaining a high of about 30 months. It successfully hit a 70.10% dominance level, setting a new record since March of 2017. It also briefly crossed the $10,500 mark earlier which puts it close to a 13% increase from its one-month lowest point around $9,300.
Generally, the king coin has been struggling to maintain its earlier bullish run from earlier in the year when the long 2018 bear market officially ended. Even with the current price, it should be noted that the general trading volumes at the moment are decisively weak, which means that the bears could have a field day should Bitcoin drop down around $9,700 sometime soon.
But looking away from the low volumes, it would not be too far-fetched to expect that the current positive movement of the coin is somewhat encouraging and could possibly be persistent for a while. The connection between volume and a possible price sustenance has been mentioned by a few analysts who still remain bullish. This could however also mean that the funds in the Bitcoin market at the moment, are being held in by people in it for a long time.
In the last few weeks however, Bitcoin has attempted to rise a few times but failed each time. The Bitcoin Moving Average Convergence Divergence (MACD), fell lower than zero, signifying that bearish pressure might be increasing.
Generally, analysts believe that for Bitcoin to surge again, it would need to break and sustain higher than $12,000.
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