Bitcoin breaks the $ 11.200 resistance level amid rising institutional investors
Date of publication: 12 October 2020
Analysts of the Pi Capital Union group of companies commented about what is happening on the crypto market. On the night of Saturday, October 10, the price of the first cryptocurrency broke through the resistance level previously indicated by many analysts at $ 11.200, at the moment it came close to $ 11.500.
At the time of publication, Bitcoin is trading at around $ 11.200.
Over the past 24 hours, BTC grew by 4.4% (+ 7.5% per week), capitalisation increased to $ 210.5 billion, which is 57.6% of the total market indicator.
The impulse for the latest wave of Bitcoin price growth, as many experts agree, was the news that Square Crypto, led by Jack Dorsey, invested 1% of its capital ($ 50 million) in cryptocurrency.
However, other reasons are also named - among them, the news that the US authorities are preparing a new package of measures to stimulate economic growth in the country affected by the COVID-19 pandemic, in the amount of $ 1.8 trillion. This will flood the market with freshly printed paper dollars.
Negotiations on the exact amount to be approved as part of the financial stimulus package are still ongoing. Political opponents - Republicans and Democrats - have not yet come to a consensus.
Pi Capital Union