It's the weekend and, as is so often the case, that means a quiet crypto market. However, Bitcoin (BTC) was able to gain some ground today. The value of the largest cryptocurrency has risen to almost 106,000 dollars. But more importantly, the end of the downward trend of recent weeks appears to be near. At the same time, the market has enough positive clues for the coming Monday.
Bitcoin continues to rise
Bitcoin is now even on course to end the week in the green. A lot has changed in a few days in this regard. On Thursday, this seemed an almost impossible task when the price collapsed during the clash between Donald Trump and Elon Musk.
On that day, the Bitcoin price plummeted to a low of 100,400, which is a good 5,000 dollars lower than this week's opening price. A second red week in a row seemed inevitable.
But a day later the loss was already erased, and today Bitcoin is continuing on the same footing. The 105,000 dollar mark was broken this afternoon, and shortly afterwards we were close to 106,000 dollars.
This means that Bitcoin has now also risen back above the 10-week moving average (the yellow line). If it manages to stay above it today, analyst Matthew Hyland says it is "very likely" that we have seen the bottom. He even thinks that we can now prepare for new all-time highs.
The current record of 112,000 dollars was reached on May 22. After that, the price corrected by more than 10 percent. In relative terms, that's not too bad. And it was necessary somewhere, after seven consecutive green weeks with a total increase of almost 50 percent.
Good news on the horizon?
The crypto market is mainly driven by the expectation that positive news will come out of the trade dispute between the United States and China next Monday. Last Thursday, Trump announced that he had had "a good conversation" with Chinese President Xi Jinping. This was followed a day later by the announcement that representatives from both countries would be sitting around the table in London on Monday.
''The meeting should go very well,'' Trump wrote on his Truth Social. The last time a tentative agreement was reached was just the push Bitcoin needed to set a new record.
https://newsbit.de/bitcoin-kurs-steigt-auf-106-000-markt-hoffnungsvoll-fuer-montag/
