Bitcoin has again tried to establish itself in the five-digit price range after experiencing a slight rejection overnight
The current upward momentum of the cryptocurrency shows clear signs that it is far more sustainable than in the past months and yearsAn economist now states: The lack of leverage that was observed during this move signals that BTC has even more leeway. Bitcoin is again trying to build a solid foundation within the $ 10,000 price range. Today’s rise came after a slight rejection that was seen yesterday, causing the BTC to drop to a low of $ 9,700.It is important to note that this recovery differs significantly from that observed in previous months, as it was primarily driven by the pressure from spot purchases.In the past, many of Bitcoin’s big bullish moves have been driven by buying pressure from leveraged traders. This can trigger sharp upward movements, which are usually followed by equally sharp declines.A respected crypto economist said this suggests that the benchmark cryptocurrency could be well equipped to rise significantly higher.
Bitcoin finds significant stability after the recent upward trend
At the time of writing, Bitcoin is traded at a price of $ 9,920.The stability of this recent uptrend is likely due to the fact that retail investors were responsible for pushing the cryptocurrency out of the $ 7,000 region to its current price level.Mohit Sorout, a founding partner of Bitazu Capital, spoke about this trend at the end of April and explained that the decline in open interest (OI) that was observed during this movement showed that it was a “point-dominated ripper”.