These factors could see Bitcoin’s price rally past $10K

Bitcoin is trading above $9,500 and several factors could provide the impetus for a further climb to $10k

Bitcoin price is up by more than $400 since a mid-week spike took the top cryptocurrency above $9,600.

The breakout meant Bitcoin’s price had for the first time in nearly a month broken out of its Bollinger Bands squeeze.

Although the past 24 hours have seen bulls struggle to break beyond $9,651, a sustained grind around current levels could see BTC/USD finally end the wait to cement an upside above $10,000.

Coinbase 4

That certainly is the opinion of Josh Rager from Blockroots who tweeted that a slow move to $9,700 would set the stage for a retake of $10k.

Strong support here will be “ideal” for a push to the psychological target.

These factors could see Bitcoin’s price rally past $10K 1
Bitcoin price chart and the “ideal scenario” for a retest of $10k. Source: Twitter

Volatility and institutional interest likely to push Bitcoin higher

Bitcoin rising to a high of $9,651 on Thursday heralded a return of volatility to the crypto market, with BTC/USD posting its highest price level since mid-June. The gains meant that the top cryptocurrency had breached the upper curve of the squeezing Bollinger Band, which had seen volatility drop to its lowest level in over two years.

The spike to a monthly high is likely to be followed by a bout of low volatility and bulls only need to prevent a breakdown to the $9,000-$9,400 range to retain an advantage.

Also, the key to Bitcoin surging to $10k could be the spike in institutional interest as observed from CME Bitcoin futures open interest figures.

As per data from Skew, CME Bitcoin futures open interest has increased by more than 30% over the past week.

With over $4 billion in open positions, global interest is at a multi-month high and Bitcoin could wiggle within the added room to add another leg to its expected rally.

These factors could see Bitcoin’s price rally past $10K 2
CME Bitcoin Futures open interest chart from Skew

US banks have received the regulatory green light to invest a portion of their clients’ assets in crypto custody. This, according to one digital asset manager, means that just a “1% investment, hedge or insurance” by the banks could see the price of Bitcoin double and hit $20,000.

Charles Edwards suggests that putting just 1% of banks’ assets in crypto could impact price massively.

These factors could see Bitcoin’s price rally past $10K 3
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 41,603.00
ethereum
Ethereum (ETH) $ 2,463.23
tether
Tether (USDT) $ 0.998285
binance-coin
Binance Coin (BNB) $ 333.12
cardano
Cardano (ADA) $ 1.31
xrp
XRP (XRP) $ 0.752829
dogecoin
Dogecoin (DOGE) $ 0.210436
usd-coin
USD Coin (USDC) $ 0.999681
polkadot
Polkadot (DOT) $ 16.41
binance-usd
Binance USD (BUSD) $ 0.999884
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 41,603.00
ethereumEthereum (ETH)
$ 2,463.23
tetherTether (USDT)
$ 0.998285
bitcoin-cashBitcoin Cash (BCH)
$ 544.95
litecoinLitecoin (LTC)
$ 143.76
bitcoinBitcoin (BTC)
35.041,17
ethereumEthereum (ETH)
2.074,72
tetherTether (USDT)
0,840830
bitcoin-cashBitcoin Cash (BCH)
459,00
litecoinLitecoin (LTC)
121,09
bitcoinBitcoin (BTC)
29,800.02
ethereumEthereum (ETH)
1,764.40
tetherTether (USDT)
0.715067
bitcoin-cashBitcoin Cash (BCH)
390.34
litecoinLitecoin (LTC)
102.97

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Hacks and Scam
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin41,575 0.44 % 7.29 % 24.27 %
Ethereum2,456.9 0.35 % 4.99 % 16.05 %
Tether1.000 0.21 % 0.05 % 0.20 %
Binance Coin332.16 0.23 % 7.32 % 11.60 %
Cardano1.310 0.78 % 3.82 % 8.75 %
XRP0.7517 0.17 % 4.07 % 23.34 %
Dogecoin0.2095 0.70 % 4.34 % 8.18 %
USD Coin0.9992 0.13 % 0.05 % 0.16 %
Polkadot16.31 0.80 % 11.31 % 22.15 %
Binance USD0.9984 0.18 % 0.05 % 0.56 %

bitcoin
Bitcoin (BTC) $ 41,319.00
ethereum
Ethereum (ETH) $ 2,452.74
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 331.78
cardano
Cardano (ADA) $ 1.30
xrp
XRP (XRP) $ 0.744097
dogecoin
Dogecoin (DOGE) $ 0.211756
usd-coin
USD Coin (USDC) $ 0.999053
polkadot
Polkadot (DOT) $ 16.42
binance-usd
Binance USD (BUSD) $ 0.999044