What is the Force Behind the Current Bitcoin Price Rally?

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In the past few days, the crypto markets have been showing signs of growth with many different virtual assets (including Bitcoin) recording upward movements over the last 24-hours. Over the last few days, the market has witnessed major crypto assets recovering from the September selloff that threatened the stability of some of the virtual assets.

At present, a good number of altcoins have managed to recover to their pre-selloff levels remaining in the upper side of the recent trading region and failing to develop a trend reversal. But, Bitcoin looks to be the one in most favorable conditions right now.

On careful market observation, it is evident that the number one crypto asset, Bitcoin, also has been struggling to recover some of its vital price levels, recording some sideways movements. However, according to market research and ongoing price patterns, it is evident that the market might be gearing itself for a major comeback with the ongoing positive signs.

For instance, Bitcoin and the cryptocurrency market capitalization managed to surge upwards by more than 5 percent in the last couple of days. Many other virtual assets such as Ethereum (ETH), Litecoin LTC, Bitcoin Cash BCH, Tron TRX, Binance coin BNB, Cardano ADA, and EOS are also showing positive price movements in the market.

Binance Coin Price Analysis

According to our market research, Binance Coin seems to be walking well with the recovery pack, having appreciated by more than 7 percent in the last seven days on CoinGecko at the time of writing.

In the past few days, Binance coin (BNB) has shown signs of breaking to new levels on the price chart. Since the commencement of this week, the virtual currency has been staging an impressive performance showing bullish impetus above the 16.50 US dollar and 17.50 US dollar resistance levels. Binance coin BNB has managed to upsurge by more than 10 percent to even test the 18.00 US dollar resistance level.

At present, the Binance coin is correcting lower, but the 17.50 level might act as a strong support region. On the good side, if the coin manages to move past the 18 US dollar level, it might push the price towards 18.80 US dollars. This will be a new record for the cryptocurrency.

At the time of writing, the market cap of BNB is at about 2,718,547,679 US dollars. Binance coin circulating supply is at 155,536,713 BNB, with the 24-hour trade volume hitting the 220,295,183 US dollar mark. Considering its progress, the past few days, it is going to be interesting to see what the virtual asset has to install for traders and investors in the coming days.

Bitcoin Price Analysis

Bitcoin, the world’s most famous virtual asset, also managed to record positive price movements as the digital asset managed to reach the market value of 8,626.14 US dollars on CoinMarketCap earlier yesterday morning.

According to the CEO of crypto hedge fund, BitBull Capital, Joe DiPasquale,

“Today’s 4 percent price increment by Bitcoin to bypass the 8,600 US dollar mark can be attributed to two main factors namely: the decision of the US Federal Reserve to resume treasury acquisitions and balance sheet expansion that is usually used to signal a liquidity crunch in the US economy might be one of the factors behind Bitcoin’s rise. The second factor might be the positive sentiments by Bitwise towards Bitcoin’s EFT platform that is expected to roll out on 13th October.”

Although Bitcoin is still down by over 22 percent from its September high of 10,800 US dollars, the cryptocurrency has managed to surge upwards by over 8 percent in the last few days to land on its current market price of about 8,488 US dollars.

With the number one cryptocurrency now back again above its symbolic 150 billion US dollar market valuation, it is expected that the rest of the crypto market will not disappear into oblivion.

Ethereum, Bitcoin Cash, Litecoin, EOS, among many other cryptocurrencies, have also managed to record upward price movements restoring hope in the crypto market.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Naveed Iqbal: A crypto nerd, internet security wizard. Believer of 'decentralization' in real. Love helping others and spreading information worth sharing.