The bitcoin currency witnessed a rise in its value during last week’s trading, as it recorded gains of about 3.5% for the second week in a row and the largest weekly gain since October 9, and the largest cryptocurrency in the world is trying to maintain the $8000 support level due to the relative improvement in operations Buying Bitcoin, caution is still dominant in the markets, as fears escalate of the return of selling to the digital market XM Arabia Once again after the huge losses incurred over the past few years.
The next seven days will be the last week of October and we will be heading into November which we all remember was a very difficult time for the crypto market and all its supporters at the end of last year, as this month was marked by the hard fork of Bitcoin Cash Which split to come with Bitcoin SV, a currency sanctioned by Australian Bitcoin developer Craig Wright.
After the hard fork, bitcoin saw its price drop from the $6000 range to the mid-$3,000 range which was pretty bad, and the coin stayed at that level for about five months, refusing to show any sign of recovery until April 2019.
Now that we are very close to November 2019, many are wondering will Bitcoin re-behave or will it maintain its current momentum and at least keep it going throughout the holiday season?
At the moment Bitcoin is trading at $8,177, which means that in 24 hours the coin has risen by $200, while this is a good sign, it does not quite live up to the goals of many, and for about four weeks Bitcoin has been following this pattern In the sense that it rises in a narrow range, since the big drop that occurred at the end of September.
The ups and downs of bitcoin are finite, so no one can know what will happen during the remaining weeks of the year.
Volumes in the crypto market have also slowly declined which means that traders are waiting for more clarity on the direction of the overall crypto market, which is now down 46% from its June highs.
As for the reasons for this sudden and widespread downturn, analysts believe that the beginning of a thaw in US-China relations over trade tensions could be the cause, and thus the crypto market is no longer seen as the safe haven it was called over the summer.
In addition, Facebook's new currency, which was believed to be a major form of competition, is not going as smoothly as possible, as it faces many challenges and difficulties in addition to harsh criticism from senior US politicians, which has increased fears of regulatory actions towards digital currencies.