Thursday (11 Sept. 28), according to the price of bitcoin return $4100 above the mark, rose 10%, a potential of more than seven months the largest increase. The media reported that afternoon, the NASDAQ is promoting a bitcoin futures listing plan.
Last year, 12 months ago, bitcoin has rushed to nearly 2 million dollar high, has become the best choice for retail investors “overnight”. However, in a recent spate of decline, bitcoin prices have more than one machine breakdown cost price, even can not offset the electricity. Some small and medium-sized mines can only be sold its liquidation, even according to the price of pounds to sell scrap metal.
11 months, bitcoin from around $6500 fell to near $3800, market capitalization has shrunk from $113 billion 600 million to $67 billion, a drop of about 40%. The overall decline in the money market about encryption from $200 billion to $125 billion, the digital currency industry into the winter period.
Allianz Group’s chief economic adviser Mohamed El-Erian said on Tuesday, despite the current bitcoin slightly signs of recession, but the lack of retail support, but bitcoin in the market will still have a space for one person.
“I think the encryption currency will still exist, they will become more and more popular, become a part of the financial ecological system, but not as early as analysts believe that dominate the low.”
Before today’s rally, taking Crypto Rand encryption currency said on Tuesday, according to the daily closing price of bitcoin, the assets may be short-term trend reversal. Analyst Don Alt also has a similar view, think bitcoin is in an important position, is expected in the short term in a positive direction changes.
“In strong demand should bounce back then, if failed, so the future may also have a terrible crash. On the contrary, if successful, bitcoin may rise slowly. Bitcoin should be able to achieve a breakthrough soon, otherwise the bulls will be in trouble.”
At present, the main resistance of bitcoin faces at $4100 to $4200. If the price is able to break the $4150 mark, down it may indicate that bitcoin can in a few weeks after a full reversal. But based on the past two weeks or even this year’s performance, can break the resistance or bitcoin biggest challenge.
(source: gold ten data)