Weekly Bitcoin and Cryptocurrency Market Analysis

Simon Peters, market analyst: Bitcoin Teases Us At $12,000 Suffice it to say, it was a busy week, with mixed performance in equity markets and odd – but not unpromising – movements for bitcoin. The FTSE All-Share index and the STOXX600 both recorded steady rises, while the S&P500, which started the week at 3,352, took a turn for the worse on Wednesday. After its drop to 3,335, it has since recovered to 3,372. Bitcoin broke through $12,000 on Monday, only to suffer a significant fall to $11,275 by Wednesday morning. But far from dispelling recent hopes for a bull run, its subsequent return to the mid and even high 11,000s over the weekend suggests that we might be witnessing another new bottom for bitcoin; drops below the old $10k resistance level are looking increasingly unlikely. Besides, there is a major difference between investors strategically unwinding their positions and the sudden,…

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