This morning, Bitcoin was able to rise back to above the “critical” $11,000 level.
The world’s largest cryptocurrency has been trading around the $10,000 mark for the last month with only a few breaks above the $11,000 level.
The chief market analyst at ThinkCoin, Naeem Aslam, stated: “This is a critical area as traders have failed to break above the $11k mark and we will be watching the price action closely.”
Aslam said that it follows a series of bullish regulatory news for cryptocurrencies including the plea of the former chair of the Federal Deposit Insurance Corporation (FDIC) to authorities not to ban the cryptocurrencies and Credit Suisse making use of blockchain to make payments.
Aslam stated: “The biggest question among investors is if the cryptocurrency would make a comeback.
“A break of $15k would really send the signal that the cryptocurrency is back in business, but we are far off from that level.”
At around 9 am today, the price of Bitcoin was at $11,097.22, up by 1.74 percent.