Bitcoin News

The price of Bitcoin jumped to $ 58,000


The price of Bitcoin jumped sharply to $ 57,000 in the past few hours. The price increase is said to signal the return of fluctuations in the digital currency market.

to the the report Coin Telegraph, the price of bitcoin rose yesterday by an unexpected jump to $ 57,000. This surprised many traders.

Bitcoin price chart
Bitcoin price chart

Market data show that the 5% increase in the price of bitcoin on Friday was not enough to close the monthly candlestick in the green area. Bitcoin is currently trading in the $ 58,308 range.

Social media traders predict that the way is open for more leaps, citing the $ 4.1 billion expiration date of the contract; Because such events add to the price pressure. It should not be forgotten that regenerative mutations may differ in strength. It is also possible that we will not see such mutations.

Lex Moskovski, director of information at Moskovski Capital, believes that the rise in bitcoin prices is the reason for the current optimism. He noted:

The increase in the price of bitcoin has been due to activities in the immediate markets. However, the funding rate has been slightly reduced.

According to Moskovsky, the reduction in the funding rate indicates that the profits of buying positions are paid through selling positions, and this is a sign of the possible continuation of the current trend.

Demand for buying in instant markets is also likely to indicate that bitcoin is being bought without leverage; In other words, it can be interpreted as a change of flow to private wallets.

Funding rates
Funding rates

It is worth noting that Bitcoin a few days ago was not far from recording its biggest drop since April 2015.

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