Bitcoin breaks through resistance – on an upward trend

Since yesterday, Bitcoin is showing a growth of 3.2% and is currently trading at $11,342.70 with a market cap is $190 billion. In the last 10 days, Bitcoin witnessed two dips, the first at $9249 from $14304 and the second one at $9949. Both dips would have been influenced by news stories related Japan’s Coincheck and trading ban news stories from Asian countries.

Russia’s acceptance of cryptocurrency trading and positive news from NEM developers saying they could trace the stolen money has propelled Bitcoin and other cryptocurrencies as well. Bitcoin finally broke the resistance today to trade above $11000 after being in the lower $10K mark for the past few days.

Bitcoin has become a highly controversial topic in the past 2 years, with new opinions being formed every day.

Recently, Alex Weber chairman of the UBS Group made a statement against Bitcoin that,

“This is something where the price is really unclear, We fear that in the future if these investments implode and the market corrects, then investors will be looking at ‘who sold us this? They do not plan on trading Bitcoin or offering the services to it’s retail clients.”

Savio Tung, a recently retired CIO for $21.4 billion private equity firm Ivestcorp says,

“A lot of regulators are bothered by Bitcoin. They are now getting together and will get pan-national commitments on how to regulate bitcoin. Take your profits, right now,”

The cryptocurrency markets, however, have had positive sentiment in the past few days.

Veniamin Popov, a Financial Advisor from Russia, says,

“The history of the coin says it all, people have always crucified Bitcoin but then wait for a few days and it rises back up again. If it was a bubble then it had 9 years to burst, well, it’s still alive”

Henry Jacobson, a cryptocurrency critic from Texas, says,

“I have been part of the blockchain industry since 2011, anyone who has been in this industry understands how the markets have always been. The current bottom at $9K is set, it’s only upwards from here.”