BITCOIN PRICE JUMPS AS TECHNICAL TRADERS TAKE CHARGE
The price of Bitcoin jumped in the Asian session to a high of $6565. The gain was attributed mostly to technical traders rather than fundamental traders as there was no major Bitcoin news overnight.
On Tuesday, The Wall Street Journal (WSJ) revealed that Bitcoin manipulation was carried out by bots in a damaging report for the sector. This would not have been a shock to many crypto enthusiasts but coupled with the fact that large exchanges manipulate crypto prices; the digital assets industry appears to be becoming increasingly fragile.
Yesterday, WSJ released a documentary about cryptocurrencies in which staff created a new coin known as WSJCoin. The aim was to show people how easy it was to create such currencies.
Meanwhile, crypto investor, Michael Novogratz, lowered his estimates for the price of Bitcoin for the second time. Previously, he had predicted that the price will top $10,000 before the end of the year. Yesterday, he said that the price will likely not pass $9000. If he is right, it means that Bitcoin could gain by more than 40%.
The BTC/USD pair is currently trading at 6522, which is slightly lower than the intraday high of 6565. This jump means that there is a likelihood that the price will continue the upward trend. If it does, the pair will likely find resistance at the 6600 level.