Bitcoin prices passed $10,500 temporarily as the king cryptocurrency started the week in favor of the bulls considering it had lingered over the weekend.
Finding support around $10,000 for the past few days, BTC/USD shot up suddenly to more than $10,600 on some exchanges before settling at about $10,350 where it currently sits this evening.
“Bitcoin is a coiled spring about to explode higher,” host and regular commenter Max Keiser stated in a tweeted about the price potential.
Keiser has previously claimed multiple times that the Bitcoin price was due to grow in line with increasing network performance. However Max Keiser’s last prediction never came true of hitting $15,000 this soon.
While it was a nice temporary surge, the price action brings Bitcoin back to its position at last week’s open. Investors aren’t seeing much growth and have come to stand-still at 2.7%.
The latest highlighted mining metrics as a hint markets were about to expand. and other traders hers are lending their own charts supporting several hundred dollars within minutes at irregular intervals.
A theory that has come out around margin trading is affecting the price of Bitcoin more than the past due to the use of the increasingly popular tool. A tool offered by major exchanges such like Binance and BitMEX.
A deluge of margin calls produces just the form of price action on markets and the effect of cascading margin calls and stop loss triggers to cause the spike was a likely reason.