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Bitcoin rises to highest level for almost three months

By Rob Griffin

14:44, 10 August 2021

Bitcoin stacks
Bitcoin stacks - Photo: Shutterstock

Bitcoin rose to its highest level in almost three months yesterday, after building on the solid gains made in recent weeks.

The cryptocurrency managed to hit $46,409.31 (£33,550.87) at one point during strong trading on Monday, before falling back a few hours later.

But although it was at $45,990.91 by Tuesday morning, it’s still 54% higher than the back end of July when it fell below $30,000.

Hunain Naseer, senior editor at OKEx, the cryptocurrency exchange, pointed out bitcoin had broken through two key resistance levels $40,000 and $45,000.

Critical range 

“The market leader now trades in a critical range, just above $45k,” he said. “If this trend continues, we are going to start seeing faster moving averages cross over slower ones a bullish indicator for price.”

In fact, he believes it could go even higher by the end of this week. “However, it is likely that BTC will consolidate between $45k and $48k for a couple of days before attempting to breach $50k,” he said.

On the downside, however, he suggests a possible retest of support around $42k. “Even if that happens, the price is likely to bounce back towards $45k rather quickly,” he added.

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DOGE/USD

0.38 Price
+2.250% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

SOL/USD

208.48 Price
-2.590% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 2.2652

XRP/USD

0.68 Price
-7.330% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

BTC/USD

87,763.30 Price
-0.620% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Capitalise on gains

The news comes as research from money app Ziglu reveals that 39% of UK cryptocurrency investors have sold some holdings in the past 12 months to capitalise on their gains.

Just over one in five (22%) sold up to £500 of their cryptocurrency holdings, 8% sold between £500 and £1,000, and 9% sold even more.

After selling their holdings, 55% said that they then bought more cryptocurrencies, while 36% said they didn’t purchase any more.

Valuation increases

Mark Hipperson, Ziglu’s founder and chief executive, pointed out that cryptocurrencies can be volatile – as has been seen by the valuation increases in the past year.

“As with any investment, it is often sensible to realise some gains even if this is a matter of holding the profit as cash ready to reinvest,” he said.

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