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04.08.2020
10:49

Bitcoin’s trading intensity is not dead yet

Bitcoin has not looked back since it surged over $10,000 almost a week ago. Trading at close to $11,500 a pop, the cryptocurrency’s highest price since September 2019, the market is rife with immense trading activity. Thus the question arises –  is it likely to sustain?While some would say that this rise from $9,500 to $11,500 in under a week is too quick and fast to sustain, others contend it was on the cards for the past two months. Since May 2020, Bitcoin had been locked in a tight trading channel, despite the grim macroeconomic situation, its block halving, and stock markets trending downwards.Besides a brief move over $10,000 in early-June, the cryptocurrency was trading flat and the 26 July move allowed it to not only break out of its low-momentum channel, but spurred a ...