Bitcoin price rises over $11,000 mark
Bitcoin has been climbing back above the “critical” $11,000 point in the last 24 hours.
In the last month, the top cryptocurrency has been hovering around the $10,000 after dipping just below $6000 in early February.
The price has enjoyed few breaks above $11,000 in the last few weeks.
When it has risen, it has tumbled back down closer to $10k soon after.
According to Naeem Aslam, the chief market analyst at ThinkCoin, $11k is a “critical” level for Bitcoin, saying:
“This is a critical area as traders have failed to break above the $11k mark and we will be watching the price action closely.”
Positive news for cryptocurrencies
The recent price gains have followed a wave of positive news for cryptocurrencies in the press.
Earlier in the year, Fear, Uncertainty, and Doubt (FUD) were being spread in the media.
The onslaught of FUD related to crypto regulation added to investors fears.
These fears can be largely credited as the motivation behind the sell-off of cryptocurrencies that saw prices drop sharply.
But now, as those fears have subsided, positive regulatory news has seen values recover recently, according to Aslam.
The former chair of the Federal Deposit Insurance Corporation (FDIC), Sheila Bair, has made a strong case for crypto.
“I don’t think we should ban it.
“The green bills in your pocket don’t have an intrinsic value, either,” she was quoted as saying.
She went on to plead with authorities not to ban cryptocurrencies and instead look into using blockchain to make payments.
Is it enough?
According to Mr. Aslam, the cryptocurrency market still has some way to go to recover, saying:
“The biggest question among investors is if the cryptocurrency would make a comeback.”
“A break of $15k would really send the signal that the cryptocurrency is back in business, but we are far off from that level.”
At the time of writing, Bitcoin’s price is $10,829.59, and today’s high is $11,121.18 so far, according to the Coin Thud live price charts.