The Bitcoin (BTC) movement of jumping over 20% in 24 hours to overcome the resistance at $11,000, surprised the markets and the media alike on July 3.The BTC/USD firmly remained in the green zone on Wednesday, following a choppy few days, in which it saw the pair drop as low as $9,688.
The bitcoin (BTC) traded around $11,300, having set a local high of $11,525 earlier in the day.
The eventual reversal of immediately slated the theories emerging in mainstream press and from the cryptocurrency naysayers. The ‘bitcoin bubble’ had popped up just hours before on Monday, Forbes had declared, the economist Nouriel Roubini delivered the fresh criticism of bitcoin (BTC) performance.
The economist Nouriel Roubini tweeted,
“Indeed Bitcoin is now down below 10k. Has lost a third of its value in less than a week,”
The supporters were eyeing where the latest surge could ended up. The BTC trader Josh Rager said that he was eyeing a potential zone, around BTC price $11,760, in an analysis, noting that the recovery now makes bitcoin (BTC) price look “extremely bullish” again.
The impact of institutional trading actually pushing up bitcoin price, the curiosity remains there in long terms about it. This week is been a good for bitcoin because of two announcements, that is from both trading platform ErisX and the exchange Binance, both are confirming to offer bitcoin futures.
The Altcoin markets saw gains in response to bitcoin rose, with visibly most of the assets in top twenty cryptocurrencies by the market capitalization are surging about 7%.
The largest altcoin, Ethereum (ETH) climbed 7.6% to challenge the resistance at $300 once again that is having hit a low of about $272.