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Bitcoin has been experiencing an upward trend in recent months, with the bulls finally getting the upper hand after the bears imposed their will on a rather prolonged note. As of this writing, the leading cryptocurrency is exchanging hands at $7,671 and is down by 3.35 percent on a 24-hour period.
Bitcoin falling down from its recent highs of $8,400 has been expected by experts and traders as the short sellers are making their move at securing profits. But this downward trend isn’t expected to last as analysts are touting it can bounce back yet again, with a possibility of breaching the $10,000 resistance levels soon, NEWS BTC reported.
Bitcoin outlook is looking positive at the moment as there are several factors driving its price higher. Among them is the impending launch of Square Crypto, the digital currency project of Twitter CEO Jack Dorsey. Dorsey previously said that Square Crypto will not be focusing on commercial interest but is geared towards advancing the current standing of the cryptocurrency market and community.
In a post released by Square Crypto’s Twitter account, it announced that it’s close to hiring talented individuals that would work on the open-source Bitcoin ecosystem. The company is looking for one designer and three or four developers to join their team, CCN reported.
Another driving force for Bitcoin at the moment is the trade war happening between China and the United States. Chinese investors looking to protect their funds are now choosing to park their money on Bitcoin and wait for the storm to blow over. The same thing is being done by Iranian investors as the tension between Iran, and the United States are also increasing.
“If you are an Iranian and you want to protect some of your wealth, or you might have to leave Iran and you are worried. In the old days, you would buy gold – Bitcoin is the new gold. The baseline of why this has happened is that the crypto winter is over. And when you reach the bottom of the market, it does bounce pretty quickly – so that is a technical reason,” ADVFN and Online Blockchain plc. CEO Clem Chambers said.
