{"id":5454,"date":"2020-10-10T15:53:01","date_gmt":"2020-10-10T12:53:01","guid":{"rendered":"https:\/\/www.forexbrokers.ae\/?p=5454"},"modified":"2020-10-10T15:54:49","modified_gmt":"2020-10-10T12:54:49","slug":"%d8%a7%d9%84%d8%a8%d9%8a%d8%aa%d9%83%d9%88%d9%8a%d9%86-10-%d8%a7%d9%83%d8%aa%d9%88%d8%a8%d8%b1-2020","status":"publish","type":"post","link":"https:\/\/www.forexbrokers.ae\/en\/forex-news\/%d8%a7%d9%84%d8%a8%d9%8a%d8%aa%d9%83%d9%88%d9%8a%d9%86-10-%d8%a7%d9%83%d8%aa%d9%88%d8%a8%d8%b1-2020\/","title":{"rendered":"Bitcoin lacks bullish momentum to stay stable around $10,500 range"},"content":{"rendered":"

The Bitcoin price movement has created significant fears among investors, as analysts and traders widely expect that it will see a drop in the near term, this fear is clearly visible if we look at the Bitcoin funding rates which are very negative at the moment.<\/p>\n

Much of the investors' concerns boil down to the recent news-based weakness, as well as the negative developments surrounding BitMEX, along with the overall instability in the traditional markets driving Bitcoin to the downside.<\/p>\n

However, the strength of the assets in the face of these developments is a positive sign that may indicate that a bullish trend is imminent.<\/p>\n

During yesterday's trading, Bitcoin failed to hold gains and crossed the $10,800 resistance level and started declining again to reach below $10,500, but rebounded quickly and is currently trading above $10,600, but it is still at risk of further losses, as the currency lacks bullish momentum.<\/p>\n

Bitcoin has spent the past few weeks in a consolidation pattern after hitting highs at $12,500, while short-term price expectations look disappointing to analysts, others say network fundamentals and long-term behavior are as bullish as ever.<\/p>\n

\"Bitcoin\"<\/a><\/p>\n

As of October 1, 2020, bitcoin has closed above the $10,000 price range for 66 days in a row, the last time the coin saw the price stay above $10,000 in a row was on December 1, 2017, when it hit a 62-day record.<\/p>\n

Bitcoin overall trend remains positive<\/strong><\/h2>\n

Since the coin peaked in late August, its price has seen a sharp drop that has brought it down to $9,800, at its worst, Bitcoin is trading down more than 21% from this year's high.<\/p>\n

Despite this short-term weakness, analysts remain convinced that the long-term trend of the cryptocurrency remains positive.<\/p>\n

One Bitcoin analyst reported that Cryptocurrency<\/a> The leader is still about to become \u201cthe future,\u201d pointing to a series of macroeconomic trends, which reflect that while the cryptocurrency may be weak in price, its intrinsic value increases as traditional economies look weak.<\/p>\n

He adds that macroeconomic trends and geopolitical tensions make it clear that the need for bitcoin is greater than ever.<\/p>\n

The US is currently at a point in time when it needs to continue printing money en masse due to macroeconomic trends, resulting in a potential dollar shortage globally, which may explain why there are no \u201creal\u201d inflationary trends yet.<\/p>\n

It also lives in this stalemate due to the inability to let the stock market go down, the harmful effects of lower interest rates on the economy, and many other trends.<\/p>\n

Bitcoin is a natural solution in a world where fiat money is constantly weakened by central actors.<\/p>","protected":false},"excerpt":{"rendered":"

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