Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
Bitcoin price might see relief after several days of trading in a minor dip, according to expert market analyst.
Michaël van de Poppe commented on the market movement, offering that Bitcoin price might strengthen as a result of a couple of factors in the global financial market. Pointing towards futures and the European economies, van de Poppe foresees a possible relief rally for Bitcoin to start an upward trend again.
Futures bounce back significantly in the U.S.
Europe also bouncing back up.
Might signal a slight relief on $BTC as well towards the area of $10,600-10,800.
— Crypto Michaël (@CryptoMichNL) September 9, 2020
Bitcoin continues to test increasing values
The value of Bitcoin fell slightly during the week, ranging below $11,000 USD after a strong rally in August. Over the week, the cryptocurrency s price has bounced between just below $10,000 USD and $10,600 USD. van de Poppe believes that it might tend towards a $10,800 USD figure as it retests resistance barriers to find new support.
A strong bottom support for Bitcoin?
Earlier this month, the market analyst had commented that Bitcoin might not be able to hold the $10,000 USD price tag. However, he also noted that he thinks $9,600 USD might be the bottom level for the token.
Couldn’t really hold the $10,000 level (or it’s dipping beneath).
The second scenario would be a closing of the CME gap, after which closing of the upper CME gap is next.
$9,600-9,800 could be bottom level for now. pic.twitter.com/8MXdwYtw11
— Crypto Michaël (@CryptoMichNL) September 7, 2020
While Bitcoin falling in price is not necessarily bullish, it is important for the volatile asset to find healthy growth. If finding a new support barrier with minor declines is what it takes, the market could be looking at a strong, sustainable rally in the near future. At the time of writing, Bitcoin price is trading at $10 199,88 USD, which stands as a 1.72% increase in day-on-day trading.