Concretebroker

Blog

article title image

Published on 11/10/2019

Published by marketing@concretebroker.com.au

Bitcoin prices climbed close to 4% today

Forbes.com provide us with their take on the action


 

 

Source : Bitcoin surges : Forbes.com

 

Bitcoin prices climbed notably today, showing the market's lackluster trading activity.

Bitcoin prices climbed close to 4% today in a very short time frame. However, one analyst emphasized that price rallies like this are "unreliable" since trading volumes are low. 

GETTY

 

Bitcoin prices rose sharply today, climbing upwards of 4% in a very short period of time. 

The digital currency started appreciating around 11:15 EST, increasing from $8,787.11 to an intra-day high of $9,123.34 less than 10 minutes later at roughly 11:21 EST, CoinDesk figures show. 

After enjoying this rally, bitcoin has retained most of its gains, trading at $9,038.34 at the time of this writing, additional CoinDesk data reveals. 

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, cited technical factors for the rapid price climb. 

“The current move is a technical recovery,” he stated. 

Today In: Money

“We mentioned previously that we expect the 50-day moving average to continue acting as support, and that has allowed the price to recover temporarily.” 

DiPasquale noted before that bitcoin’s 50-day moving average was roughly $8,600. 

 

“However, the 200-day moving average is still a strong resistance at $9,200 and Bitcoin needs to surpass that level with good volumes to put $10,000 on the radar - failing to do so would keep the possibility of a return to $8,000 alive.” 

Digital currency investor Marius Rupsys also spoke to technical factors, noting that bitcoin has been “trading close to 50 and 200 day moving averages.”

“Traders are quite cautious around these areas. So it might be just some traders positioning themselves before Monday.” 

Rupsys and Dipasquale both emphasized bitcoin’s relatively low trading volume when explaining the cryptocurrency’s recent gains. 

The “weekend has less volume, therefore price action can have more volatility,” noted Rupsys. 

Dipasquale emphasized that because “volumes are low,” “price surges like this one [are] temporary and unreliable.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. 

Follow me on Twitter or LinkedIn.

Charles Bovaird

 

I am a financial writer and consultant with strong knowledge of asset markets and investing concepts. I have worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. An author of 500 publications, my work has appeared in mediums such as New York Post, Washington Post, Fortune, CoinDesk and Investopedia. Previously, I created all the industrial finance training for a company with 300 people and have given speeches on financial literacy for Mensa and Boston Rotaract. I currently hold Bitcoin, Bitcoin Cash, Litecoin, Ether and EOS.

 

You may also like to read:

 

 

Article Image

CONCRETE ADMIXTURE MARKET IS EXPECTED TO REACH $38 BN BY 2024

Top Players Are CEMEX, BASF, RPM International, Bostik, CICO Group, Sika, MAPEI, Dow, FOSROC, Euclid

Article Image

SELF-COMPACTING CONCRETE MARKET WILL ACHIEVE 4.5% GROWTH TO CROSS $30.2BN BY 2024

The growing oil & gas industry to lift self-compacting concrete market size by 2024

Article Image

GLOBAL CONCRETE SAW MARKET - TOP COMPANIES AND TRENDS BY 2023

Hitachi, Ryobi, Evolution Power Tools and QVTOOLS

Article Image

CAN THE CURRENT GROWTH IN CONCRETE MARKETS BE SUSTAINED?

Increased levels of urbanisation are adding to continued growth in the concrete industry worldwide

Article Image

DECORATIVE CONCRETE, UP, UP AND AWAY TIL 2025

The Decorative Concrete Market set to thrive to 2025

Article Image

US CONCRETE HEADS TO TEXAS

US Concrete places it's footprint with an acquisition in Texas

Article Image

US CONCRETE COULD GO HIGHER BECAUSE OF STATE SPENDING

"I like that stock. I think that stock could have another leg up here once the states start funding more business."

Article Image

DECORATIVE CONCRETE MARKET TO REACH USD 15.35 BILLION BY 2026

The rising demand from the residential construction sector

Article Image

CONSTRUCTION TRUCK MARKET TO REMAIN STRONG IN 2018: MACK

trucknews.com's James Menzies takes a look at the 2018 truck market whilst hopping inside the latest Mack

Article Image

INCREASE YOUR MARKET SHARE WITH YILN

Have your cake and eat it too with the concretebroker marketing mix - YILN. Learn how concretebroker.com.au can help to reach your audience, get more customers and grow your market share by optimising your online presence.

 

 

 

 

 

 


Tags: bitcoin cryptocurrency ecommerce trading


This article was written by marketing@concretebroker.com.au all rights reserved. The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect those of concretebroker.com