Bitcoin Price Began Rising After Hack At Bitfinex

Aug 11, 2016 at 11:25 // Price

Yesterday, August 10, the Bitcoin price soared to $600, and then dropped to $593.  The reason for this growth was the resumption of BTC trading at the Bitfinex Exchange.

We asked our experts about the reasons and possible results of the sharp growth of Bitcoin price.

Michael Patryn, Co-Founder of Quadriga Fintech Solutions, and Founder of Fintech Ventures Group, an active trader:

“The price spiked upon news of Bitfinex re-enabling trading and withdrawals.”

Vishal Gupta, Founder of Bitcoin Alliance India, CEO at SearchTrade, and Director at Moving Trumpet:

"Traders are just re-aligning their positions post bitfinex dip. Some may be buying back their positions after seeing market settle down.”

According to Vishal Gupta, the Bitcoin price may now grow to around $650.

BTC/USD exchange rates for last 7 days:

BTC/USD exchange rates for last 7 days, August 11

Bitcoin managed to push off the lower boundary of the level of $580, but met strong resistance at $600, and couldn’t overcome it. A small pullback to around $593 says that the price should not move further down, and in the near future, the price will test the level of $600 again. If it succeeds it will open the way to $605 and $610.

BTC/USD exchange rates for last 30 days:

BTC/USD exchange rates for last 30 days, August

World macroeconomics news

On the macroeconomic front, which has a strong effect on Bitcoin price, we can highlight the increase in crude oil stockpiles. Thus, in the nearest future, we expect an increase in crude oil sales, which will support the Dollar in tandem with other currencies. A strengthening of the Dollar in the currency market often provides support to risky assets, including Bitcoin.

Bitcoin price

By the end of the week, we expect that the Bitcoin price moves between the levels of $590 and $600. $585 is a support level. $600 is a resistance level.

This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency.

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