#BTC A look at the bitcoin movement š
The price of bitcoin broke through the level of 9000 $ and 9,200 $ dollars on Wednesday, which allowed the bulls to fix one more victory. The prices of the main altcoins have increased, since at the moment they correlate with the flagship crypto currency movement ā»ļø
š Bitcoin increased by 11%, approaching the $ 10,000 mark.
The daily trading volume of bitcoin on major exchanges remains stable, and the short-term pulse (MACD) indicators demonstrate a strong short-term dynamics for bitcoin.
Search queries for bitcoin š®
Many analysts pointed out that the search query bitcoin schedule correlates with the value of a digital asset.
The keyword "buy bitcoin" also showed growth in the statistics of search engines, such as Google. Since February 14, the keyword "buy bitcoin" has increased from 26 points to 44 points - this is almost double.
Chinese New Year š
From February 18 to 25, China, South Korea - the largest players of the market, will celebrate the New Year and consequently for this period we are facing a decline in trade volumes and, possibly, a slight decrease in the prices for crypto-currencies.
Although, historically, the market saw a decline in quotations during the Chinese New Year, it is unlikely that this event will significantly affect prices this time, as the market has already experienced a serious correction
Opinion of market participants šµš“š¶
Last week Pantera Capital's founder Dan Morehead said that the bear market, which he had accurately forecasted in mid-December 2017, is preparing to turn
Morehead noted that the previous cycles of bitcoin were an average of 71 days. Currently, the market cycle is 58 days, and former analyst Goldman Sachs said that there is no reason to expect that this year will be significantly different š
Many analysts believe that bitcoin will strengthen in the growing trend in the coming weeks. This forecast is based on the fact that institutional investors will enter the markets during the next bull wave šø
