Bitcoin price above $10,000 again – but the gains may be short-lived

Bitcoin price above $10,000 again – but the gains may be short-lived.

Image source: Shutterstock / Trijo News

Christian Ploog

christian.ploog@trijo.co

The question now is whether the bitcoin price is on the rise or whether it will continue down.

During the night to Thursday (CEST), the bitcoin price gained new momentum and climbed over $10,000 for the first time in several days.

The price soared by over 6.5 percent in a short time – from about $9,550 to $10,187, according to numbers from Bitstamp.

This is the third time in a month that the bitcoin price has bounced back over $10,000.

The gains may be short-lived

The question now is whether the bitcoin price is on the rise or whether it will continue down. According to a technical analysis from Coindesk, the latest gains may be short-lived.

The reason is said to be that the trading volume is low and that the bitcoin price is stuck at key resistance levels.

The price must rise above $11,120 in order to revive the positive sentiment in the markets. But then the price has to break through the resistance level of $10,200 with the help of high trading volumes, Coindesk writes.

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