Bitcoin [BTC] broke above $10,000; the rise can be attributed to the positive sentiments around cryptocurrency regulation. BTC avoided another fatal fall a price bounced a second time from the swing lows at $9400.
The price of Bitcoin at 15: 45 Hours UTC on 31st July 2019 is $10,063. It is trading 4.9% higher on a daily scale.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Now, that the regulators are beginning to shun the possibilities of banning cryptocurrencies. The risk of investment in cryptocurrencies reduces considerably. The Fed rate cut anticipation has also contributed to the buying pressure on Bitcoin.
Moreover, Social Media sentiments are also on the rise. Mati Greenspan, the Senior Market Analyst at eToro noted,
As can be seen from data at TheTie.io tweeters are incredibly positive now that we’ve seen a solid bounce off the $9,000 support level.
Recently, it TheTie also inferred that social media sentiments have a huge impact on cryptocurrency prices.
Nevertheless, a couple of bearish indicators have also been brought into the light. Tone Vays, Derivative Trader and Trade Analyst stated that,
Sometime in the first two weeks of August, I give it about a 70% chance that is going to go sun $9000.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
According to him, to break the trend Bitcoin price must break above $10,800 and $13,000 tops to turn bullish again. He said,
A break off this double top $13000 will send Bitcoin to All-Time Highs
Moreover, according to him, the support could be a sub $6000 levels.