Bitcoin Suddenly Rips to Highest Level in 10 Days

Latest Cryptocurrency News
Mon, 09/14/2020 - 16:04
Alex Dovbnya
Bitcoin bulls finally show some signs of life as BTC spikes to $10,700
Bitcoin Suddenly Rips to Highest Level in 10 Days
Cover image via stock.adobe.com
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Bitcoin is on the rise again.

The crypto king reached a 10-day high of $10,706 at 15:22 UTC on the Bitstamp exchange as bulls have finally started gaining ground after a major retracement.

Bitcoin
Image by tradingview.com

A long-awaited relief rally

As reported by U.Today, BTC crashed more than 16 percent in just two days on Sept. 2 and 3 after bulls' attempt to breach $12,000 resulted in a violent rejection.

In the subsequent two days, the cryptocurrency started flirting with the do-or-die $10,000 support, but bears failed to crack it.

Bitcoin continued to extend its streak of daily closes in the five-digit range that is now close to outlasting the rally that occurred during the previous market peak in December 2017.

The recent BTC spike has already spilled over into some altcoins, with Ethereum (ETH) gaining two percent.

Bitcoin Coin (BNB) is currently the top gainer after the announcement of the parent exchange's plan to build a "CeDeFi" bridge.

https://coinmarketcap.com/
Image by coinmarketcap.com

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Major headwinds for Bitcoin

Given that Bitcoin remains highly correlated to both gold and the U.S. equities market, the Monday rally should not come as a surprise.

The yellow metal is currently up just over one percent, thriving off of a 0.30 percent dip of the U.S. Dollar (DXY).

The tech-heavy Nasdaq is up 2.2 percent as shares of e-car company Tesla (TSLA) are now recovering from a brutal plunge partially fueled by its S&P 500 snub.

On top of that, investors feel optimistic following news of Nividia’s $40 bln acquisition of Arm Holdings and Oracle's TikTok takeover.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.