Why is Bitcoin rising

The past week was successful for Bitcoin.

The cryptocurrency started the week near $8,000 and managed to rise to $10,000.

The market is slowly relaxing after the news from China, where authorities restricted cryptocurrency operations. US regulators expressed interest in digital currencies, and South Korea finally indicated that crypto exchanges will not be closed. All in all, the sentiment about Bitcoin has improved. If cryptocurrency market gets regulation that would increase traders’ confidence and attract more capital pushing the prices further up.

If Bitcoin breaks above $10,000, next resistance levels will be at $11,600 and $12,000. Supports lie at $9,000 and $8,000.

Anyway, you should remember that there are risks because the price is still volatile.

We’ll continue following Bitcoin news in the days ahead.


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