Bitcoin Makes A positive movement

Bitcoin Makes A positive movement

Crypto news Media
September 11, 2022 by Super System
23
bitcoin's price

Bitcoin Rises Back Above $19,000

The most valuable cryptocurrency was trading at $19,350, but analysts are still pessimistic about a long-lasting surge. In Wednesday’s trade, Bitcoin (BTC) climbed back over the $19,000 support level.

BTC just increased by almost 2% to $19,400. The biggest cryptocurrency by market capitalization fell to its lowest level in two months the day before, $18,558.

Analysts were, however, pessimistic about a surge that would persist longer.

“This macro climate, including bitcoin, is generally adverse to all risk assets which is (driven by) post-COVID-19 growth, the Russia-Ukraine war, Europe’s and the United States’ ESG (environmental, social, and corporate governance) energy policies, among other factors, Alexandre Lores, director of blockchain markets research at Quantum Economics wrote CoinDesk in a Telegram message.

In the meanwhile, Wednesday’s stock market ended higher as investors briefly recovered their appetite for risky assets. Both the heavily tech-focused Nasdaq and the S&P 500 saw gains of nearly 2%. For the most of the year, Bitcoin has followed tech equities.

Oanda’s senior market analyst, Craig Erlam, was hesitant to forecast an ongoing price increase.

In the event that bitcoin breaches the summer lows around $17,500 to trade around late 2020 levels, the issue is if we may witness another spiral, as we so frequently have in the past, Erlam noted in an email.