Bitcoin managed to continue achieving its gains for the second week in a row, as it added gains amounting to about 8% to trade above the $11,000 psychological support level, amid expectations of its stability between $11,300 and $11,600 levels, in light of the anticipation of more bullish momentum to cross the $12,000 level, these big gains come With the increasing demand for the largest cryptocurrency in the world, especially with the recent escalation of the trade war between the United States and China, as some consider it a safe haven.
Bitcoin trading volume has increased over the past week Q8 Trade It reached 70% for the first time since April 2017, and expectations indicate that there is a further rise to 80% as the appetite for safe havens increases.
Since the beginning of this year, the dominance of Bitcoin transactions in the digital market has increased by about 51%, with the increasing interest of major institutions in cryptocurrencies, and the awareness of many to the concepts of digital currencies is rising.
What is happening in the digital market is very positive, and it seems that cryptocurrencies are becoming less used for speculation and more used for payments which was the original goal of many digital assets available today.
The movement of cryptocurrencies deeper into the payments area on the investment ground heralds an unparalleled bright future, and there are undoubtedly people who will continue to buy Bitcoin and other major cryptocurrencies and potentially build their wallets and fortunes from them.
Goldman Sachs expects more Bitcoin to rise
Goldman Sachs gave a bullish outlook for the price of bitcoin as it encouraged investors to buy the world's most popular currency on weakness as the investment bank believes that a break above $12,000 may be within sight in the near term.
According to the technical analysis prepared by the bank, he said that if the bitcoin drops to a level that does not exceed 9,084, this is a good opportunity to buy because there is a high probability that the bitcoin will reach the level of $ 12161.6 until $ 13,971.
But any move below current prices to around $1,094 could attract support, the bank said, adding that there is room to move higher to $12,916 and then to $13,971.
Among the news that is expected to be supportive of the digital market in the coming period is the statements of the Deputy Director of the People’s Bank of China, “Mutt Changchun” at the China Finance 40 forum, where he said that a new digital currency uses blockchain technology to develop the structure of its new digital currency, which was developed after five years of research.
He added that the central bank will operate the currency at the upper level, while commercial banks will focus on the secondary level.