The largest cryptocurrency has dropped below the lower limit of its GTI Vera Band Indicator, which measures up and down trends, potentially signalling that a short-term spike could be ahead. The past four times the coin fell below the band, it managed to quickly rally back into the range.
The largest digital currency is also finding support at $10000, testing the price level four times over the last week and bouncing back each time. It has yet to break above its short-term high of $12316, which it reached in early August, but could flirt with those levels again should it manage to break out.
Bitcoin’s price recovery should resume soon, according to Bloomberg Intelligence analyst Mike McGlone. Its unique attributes and an increasingly favourable macro-economic backdrop could help push up its price, he wrote in a recent note. The launch of a stablecoin from Binance, a crypto exchange, may also help enhance Bitcoin’s value, he said.
“The trend toward stability, an essential ingredient in a median of exchange, is accelerating Bitcoin’s advancement as a digital form of gold,” wrote McGlone.