Bitcoin has been sideways for so long, a small increase of $100 is also gratifying

According to Bitpush data, Bitcoin, the cryptocurrency with the largest market value, rose slightly by more than $100 on Tuesday and is now close to $9,400, breaking the consolidation trend of the past period of time.

Bitcoin has been fluctuating between $9,000 and $10,000 for several months. In recent times, Bitcoin's trend has continued to be weak, and price volatility has further decreased. $9,200 seems to have become Bitcoin's "comfort zone."

A $100 price swing has historically been insignificant for Bitcoin, but the return of volatility, as Bitcoin price volatility has dropped significantly, seems to mean that Bitcoin is about to break out of its current consolidation trend.

Bitmex CEO Arthur Hayes and Binance CEO Changpeng Zhao both tweeted that many cryptocurrency traders and investors are celebrating the return of Bitcoin volatility.

Despite this, Bitcoin still has a long way to go before it can challenge $10,000 again. On the way up, there will be great resistance at $9,600 and $9,800.

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, suggested on Twitter that investors should be cautiously optimistic about Bitcoin. He pointed out, "As the market recovers, we see breakouts and bullish moves. But I don't think Bitcoin will break out upwards because it's still jumping around."

Other major cryptocurrencies also basically maintained an upward trend, with Ethereum and Bitcoin Cash rising by more than 2%, and Bitcoin SV rising by nearly 5%.

Image source: pixabay

AuthorLiang Che

This article comes from bitpush.news. Reprinting must indicate the source.