Bitcoin Returns to Weekend Winning Ways

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It has not been a week of certain trends nor sentiments, but at least the weekend has brought a return to winning ways for Bitcoin, with a strong rise in buying activity pushing it up to levels above USD 11,000.

Saturday has ended for Asian markets and is still some hours away from a European close, but North America will soon wake up to green charts that saw a high of USD 11,588 around 2 pm China time, before pulling back slightly to its current price of USD 11,371 at 12:45 pm UTC (CoinDesk).

Even before that spike in price, Bitcoin was quite comfortable trading just below USD 11,000 as it has been for most of yesterday, so bulls were perhaps less than worried since the weekend usually brings a flurry of buying activity as capital outflows from traditional markets seek other means of exposure.

Those who have been calling sub USD 11,000 price a bargain are probably right, even though Bitcoin will probably not look back again from these levels — at least not for very long. Those voices calling people to buy now before the true rally sets hold are still repeating in social media, but there are enough people to believe that even greater bargains are still possible.

For the moment, however, it does look like the weekend is now showing signs of consolidation, and many speculators waiting in US markets will likely be praying for a weekend breakout, otherwise, they should get shorted out at stops of around USD 10,500 — and a following domino effect of taking price once more below USD 10,000.

Altcoins maintain a shy outlook either way, with mixed results across the Top 30, although reds currently outnumber coins in profit.

 

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