For Bitcoin traders, the past week has given them a reason to smile. Bitcoin, which has been limited by the $10,000 resistance level for the longest time, experienced an uptrend that saw it reach a high of around $11,400. This is the highest level BTC has attained in almost a year.
At the time of writing this, Bitcoin’s value stood at $11,612, with a 24-hour trading volume of $22.4B.
In just a week after surpassing the $11,000 mark, BTC also hit a record high of $12,034.14 in 24 hours but later dropped to the $11K mark. The fact that the currency was able to surpass the $11,500 resistance level, which has stood since 2018, may indicate a potential bull run. According to CoinTelegraph, dormant accounts in Japan have begun to experience activity after Bitcoin breached the resistance level last week.
Additionally, market experts trading the Bitcoin rally believe that the upswings could be an indicator of a better performance of the world’s most popular cryptocurrency. And this is something that every Bitcoin trader wants to see.
As major economies continue to bleed due to coronavirus, it is a sigh of relief to find investment or rather asset that promises some growth and actual profits. If you are not in the Bitcoin trade already, the bullish run being experienced is an opportunity for you to dive in. Data presented by Forbes shows that over 15% of Americans already own some form of cryptocurrency, with more than half of them having joined the market in 2020.
Contrary to what most people believe, including Warren Buffet, who Bitcoin has smeared an egg on his face in the past, Bitcoin has value and is not hard to trade. There are thousands of resources online, including TradingGator’s guide on how to trade Bitcoin, which can help you as you start out.
You can easily enter the cryptocurrency market and enjoy trading the Bitcoin rally by creating an account with a trading platform like Binance. The process is free in almost all, if not all, cryptocurrency trading platforms.
You may also be required to verify your account before trading through a KYC process. Once the verification process is done, you can now deposit funds and start trading in Bitcoin. Additionally, trading the Bitcoin rally is made easy by the fact that you can buy Bitcoin with credit or debit card.
It is true that Bitcoin is a highly volatile asset that scares most investors. Nonetheless, volatility is common with new technology, and even though it exists, there are ways through which you can cushion yourself as a Bitcoin trader. With the right trading strategies, a secure trading platform, and wallet for your coins, the risk of losing your funds is lowered.
Final take
With the recent price swings being experienced by Bitcoin, investors are not certain of what shall happen in the future. The halving that occurred recently also gives hope that Bitcoin’s price may continue soaring, but that’s not a definite possibility. Anything can happen when it comes to BTC trading, even a sudden drop in the price of Bitcoin.