Members of the crypto community see the prospects for BTC to go into a positive movement.
Almost all TOP-10 cryptocurrencies of CoinMarketCap market cap rating started the new week with growth. At the press time, Bitcoin is trading at $ 11,390. The cryptocurrency has risen in price by 0.32%, over the week – by 6.26% over last 24 hours. Chainlink (+ 3.89%) recorded the best daily growth result. Over the week, the token grew by 12.93%, which also became a record among the top 10 cryptocurrencies.
Against the background of the positive movement of the BTC rate, crypto expert and blogger Lark Davis drew attention to the peculiarity of the position of the cryptocurrency chart technical component. In his opinion, Bitcoin has broken through the upper border of the contracting triangle, in the “body” of which the rate of the digital asset has been moving since mid-August.
— Lark Davis (@TheCryptoLark) October 11, 2020
Members of the crypto community have watched BTC move within a figure for an extended period of time. Many investors were confident that the cryptocurrency will be able to go into active movement in mid-October. In their opinion, this was indicated by the boundaries of the figure. At the same time, the majority of users expressed confidence that bitcoin, as a direction, will choose growth.
According to the rules of technical analysis, the breakout recorded by Lark Davis, in the event of a rebound in the cryptocurrency rate from the upper border of the triangle, which, after the breakout became a support level, BTC will be able to continue to grow.
Also, crypto community drew attention to the history of the cryptocurrency movement on the eve of the presidential elections in the United States. Recall that in early November 2020, a new leader will be elected in USA. Traditionally, October, on the eve of the US presidential election, is not the best month for the digital asset market. At the same time, historically, the following November and December, on the contrary, can bring positive changes.
Interested to see where Bitcoiners are at!
— Pirate Beachbum (@piratebeachbum) October 11, 2020
According to the poll, at the press time, most of the crypto community believes Joe Biden will win the presidential race. He is a democrat. Under the leadership of party members, history has shown that the stock market is showing the best growth results. Accordingly, if he wins, against the background of the correlation of the movement of bitcoin with the S&P 500 index, the digital asset market will be able to benefit. At the same time, the CEO of Galaxy Digital, billionaire Mike Novogratz noted that if Biden takes the post of leader of the United States, taxes on capital gains will increase in the country. Such changes, on the contrary, can negatively affect the position of the digital asset market.
Bitcoin Fear and Greed Index is 55 – Greed pic.twitter.com/PDci1mrQno
— Bitcoin Fear and Greed Index (@BitcoinFear) October 11, 2020
Meanwhile, against the backdrop of Bitcoin rate growth, the fear index of investing in a digital asset has moved into the green zone. This situation indicates the growing interest of market participants in investing in BTC.
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