With buy pressure returning and the beginning-of-the-year cryptoeconomy selloff seemingly over, the bitcoin price has once again risen over the $11,000 USD price point. The achievement is a straightforward indicator that confidence is steadily re-entering market.
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$11k Not Seen Since January
Seemingly pushing toward a 100 percent gain after bottoming under $6,000 on February 6th, the bitcoin price has settled above $11,000 just shy of two weeks later.
At press time, bitcoin is hovering two cents north of $11,243 per Bitsonline‘s price tracker.
In the short term at least, Dr. Doom was wrong then — bitcoin wasn’t falling to $0 during the early February cryptocurrency market bleedout. It certainly felt that way for many in the cryptoverse, but the steady, upward price movement over the last week suggests investors are starting to feel like the sky isn’t falling anymore.
Indeed, bitcoin is what market correspondent Evelyn Cheng dubs a “sentiment-driven market,” so this current price movement could beget further acute buy pressure.
Until it doesn’t, right. And then the rollercoaster cycle continues.
Positive Press Helps
It’s been a stimulating week in cryptocurrency news, which surely brought some buy pressure back in the fold.
There was comedian Ellen DeGeneres hilariously referring to bitcoin as a “digital goat” to her 3 million viewers. Or IBM telling the U.S. Congress that it needs to buck up and make America a heavyweight in the blockchain industry. The CFTC even offered pretty hefty bounties for whistleblowers of cryptocurrency pump and dump schemes.
In other words, bitcoin and the cryptoverse seem to be hitting strides in the mainstream like they did in late 2017.
What’s your take? Has bitcoin’s long skid finally turned around, or do you think there’s further sideways chop to go from here? Sound off in the comments below.
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