Bitcoin Broke Above $10,000, Looking for $10,400 Again

Bitcoin Broke Above $10,000, Looking for $10,400 Again

$BTC, $BTCUSD

Bitcoin (BTC) has once again broken above the $10,000 resistance this week, marked $10,411 and faded.

The cryptocurrency has been on a gradual uptrend since early Monday and has posted gains of 2.77% in the last 24 hours.

Bitcoin is currently leading the Top 10 coins in terms of 24-hour growth, narrowly edging out Bitcoin Cash and Stellar to secure the Top spot.

Bitcoin has seen its value up Vs other major cryptocurrencies in August, gaining more than 10% Vs Ethereum and 12.5% Vs  XRP this month.

Although Bitcoin has experienced only modest gains this week, many traders and analysts remain Bullish Bitcoin.

Case in point, according to Coinfarm, exactly 75% of the Top-performing traders on BitMEX are in Long positions now. This means they expect the price to go up near term.

In related news, Blockchain, a wallet provider with more than 41-M users—integrated with crypto payment processor BitPay today, enabling its users to easily pay for goods and services around the world with Bitcoin. If it can encourage the HODLers to start spending, then it could help to boost adoption, not an easy undertaking.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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