The narrow trading range of Bitcoin is a sign of raising

by in Cryptocurrency News

The narrow trading range of Bitcoin is a sign of raising

Bitcoin raised over $10000 this week and technical measures provided by various analysts are showing some positive signs.

Now the leading cryptocurrency is within its 50- and 100-day moving averages and this indicates in it in a narrow range. A key level is $10714 and breaking above this number could propose more profits onward.

A dropping tendency of cryptos last week prompted a guessing game amid speculators and investors. Bitcoin closed below $10000 for the first time since July on August 28.

Related: Burger King Venezuela now accepts crypto payments

Rates started recovering across the weekend, BTC gained 11% since Friday. Mike McGlone, an intelligence analyst, told that all the indications are showing that companies are involved, and this is part of that trend and that it looks like Bitcoin could proceed going up and it has some good reasons for it.

But not everyone is thinking this positive. Leading market strategist at Oanda Corp., Ed Moya thinks that the rally seems to be short-lived.