Bitcoin struggles to stabilize above $10,000 level

Bitcoin is currently witnessing limited moves between high and narrow low, after its sudden drop by more than 3% from the $10,300 level it recorded over the past week to $9,495, but it is still determined to jump away from the $10,000 level in the coming period, in light of the increasing Investors are optimistic about many upcoming events that will support the currency strongly.

During the past week, Bitcoin managed to record its highest level in five months at $ 10,550, and since the beginning of this year it has achieved gains of about 40% thanks to the increased demand for its purchase, most expectations XM Arabia It indicates an upward movement and we are likely to see another increase, given the fears of the repercussions of the Corona virus and global risks that could strengthen the price of Bitcoin against the US dollar.

Bitcoin and Halving Event

As we all know, Bitcoin experienced a sudden boom in 2017 where it experienced highs and eventually peaked near $20,000, but it collapsed the following year to trade at only $3,200, down around 85%, though the cryptocurrency managed to make a comeback. While the rise in price itself is impressive it is important to know that the rise has been gradual and quieter unlike at the end of 2017, where the crypto industry managed to be more mature and more interested and legal before.

Bitcoin

Bitcoin

The current bullish outlook for the cryptocurrency is paying off and has the potential to reach an all-time high of $20,000 reached in 2017, in preparation for the Bitcoin halving in May of this year.

Historically, the halving event results in a bullish market in prices, moreover, it is possible that the momentum will continue after the halving.

Bitcoin is digital gold

On the other hand, a lot of people are talking about the status of digital gold owned by Bitcoin. The cryptocurrency has already become more correlated with gold compared to all the other major cryptocurrencies especially in the second half of 2019, which is very interesting. Moreover, last month the relationship between the two originals reached an all-time high despite some skepticism.

Bitcoin has a lot of characteristics that make it better than gold and it is a much easier balance while traveling compared to gold and coins.

Bitcoin interest scale

It is difficult to quantify investor interest in Bitcoin but by using Google Trends search volume as a metric we can tell a lot.

The relatively low level of interest in Bitcoin means that we are not close to the manic levels that pushed the coin to $10,000 for the first time in just over two years, in other words the formation of another similar bubble could lead to the cryptocurrency breaking previous record highs near $20,000 .

While metrics of long-term interest remain weak, short-term price action suggests that Bitcoin's rally may be due to a breather, prices are approaching the highs of August, September and October of last year in the $10,500-11,000 range.

Mohamed Abdel Khaleq
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