The price of Bitcoin has remained stable, although the crypto market has been hit several times by recent developments.
Last week, the market was confronted with a $150 million KuCoin hack that the CFTC charged the BitMEX co-founders.The weakness caused by these events was exacerbated by turbulence in the stock market due to President Trump’s COVID-19 illness.
Despite all of this, the price of Bitcoin has remained within the trading range in which it has been trading in recent weeks.
One analyst notes that BTC’s strength in light of this indicates that an explosive upward movement is brewing.
Bitcoin and the entire crypto-currency market has consolidated in the last few days, following a slight selling pressure earlier in the week.
This selling pressure resulted from a variety of different factors – but it was not sufficient to change the underlying market structure of the crypto market.
One analyst believes that Bitcoin may be poised to see an explosive upward trend in the near future.
This movement could help to provide a tailwind to the entire crypto-currency market, which could also cause Altcoins to rise higher in step.
Bitcoin shows signs of strength despite bearish news
At the time of writing, the price of Bitcoin is up nearly 1% to its current price of $10,600, which is roughly the same price at which it has been traded in recent days.
At the beginning of the week, news of the CFTC’s accusations against the three co-founders of the popular margin trading platform BitMEX shook the market and dropped the Bitcoin price from $10,900 to $10,400.
The crypto-currency has been stable since then, and it appears that the initial sell-off was merely a reaction to the news.
At the same time, concerns have been raised by the recent $150 million KuCoin hack and uncertainty in traditional markets.
Analyst: BTC will experience a strong upward push as strength increases
One analyst explains that a combination of strength in the face of several declines and on-chain metrics that are on the rise seems to indicate that Bitcoin is on an upward trend in the near future.
„Bitmex FUD & Trump [News] has hardly made a dent in the BTC price. That is rather meaningful in view of the strength. The chain internal characteristic numbers are likewise bullish. I see no reason to be bearish towards the BTC unless the stock market crashes. The balance of risk here is pretty sweet for a spot BTC“.
If Bitcoin continues to push higher in the near future, this could further confirm sentiment and lead to an influx of buying pressure.