Despite the price of Bitcoin rising, eToro market analyst Matthew Newton stated that it is way too early to call this a “true resurgence”.
Newton added that “we have seen the price yo-yo for several months”, so it would be difficult to label this as a “new dawn” for the cryptocurrency.
Furthermore, Newton warned traders to be cautious of Bitcoin at around the $7,800 level, which is approximately where it is at the moment, adding that the price has “failed to breakthrough” on the previous two attempts. However, the eToro analyst highlighted that, so far this year, $6,000 has proved to be strong support for the currency, so it would prove difficult to break this limit if the price were to drop.
“Looking ahead, there is plenty to be positive about though. There’s lots of great fundamental news about the development of cryptocurrencies right now, but that’s going to take time to filter through and impact on price,” he added.
Newton concluded that the outcome of the price of the cryptocurrency will likely be determined later this month, as many traders await the decision in the US on VanEck’s proposed Bitcoin equity traded fund.
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