After you have confirmed a return to above$ 10,000 on Friday, the Bitcoin has greatly increased its rising throughout the weekend, reaching a peak at 11.640$ early this morning, up nearly 8% over 24 hours.
The reasons for this rally remain unclear, but one can however note some positive news in the recent past.
The Bitcoin network stronger than ever
In fact, according to the data of BTC.com the hash rate is a measure of the computing power dedicated to the operation and the security of the Bitcoin network has reached a new record high on the average of the last two weeks.
Not only this is a positive factor for the Bitcoin in improving the quality of its network, but it also shows a certain enthusiasm for the crypto-currency.
Risk aversion benefits does it have on Bitcoin ?
There is also an interesting correlation to be faced vis-à-vis the surprise announcement by Donald Trump on Thursday night’s new tariffs against China.
From the point of view of timing, the announcements of the US president, who pushed the stock markets and which have led to a wave of risk aversion appear to have triggered an acceleration bullish for Bitcoin, although it does not rule out the possibility that it is a simple coincidence.
From there to estimate that the market considered the Bitcoin as a “safe haven” there is only one, all the more that Gold, the safe haven par excellence, has displayed the same reaction to the announcements of Trump on China.
Finally, technical factors may also explain the rise of Bitcoin, with an accumulation of bullish signals since last week.
It should be remembered that the Bitcoin had crossed its moving average 100 and 200 hours last Tuesday, before you begin to test the psychological threshold of$ 10,000 the next day, to confirm then the break on Thursday, at the same time that the moving average 100 hours spent above the moving average 200 hours.
The BTC/USD has then hesitated for a few hours just below 11,000$ yesterday, before crossing this threshold, causing an acceleration upward, which has led to the peaks mentioned earlier in this article.
Now, the next critical resistance to watch is to$ 12,000. Has the decline, the psychological threshold of 11,000$, will be the first support to be taken into account.