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3 factors helping the Bitcoin price to recover close to $ 6,000

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Three factors converged to help the price of bitcoin surpass $ 5,960 on Thursday, allowing the flagship cryptocurrency to hit the $ 6,000 mark.

Bitcoin Price Recovery Targets $ 6,000

Since he set a new record of nearly $ 6,200 last week, the price of bitcoin is struggling to keep up momentum. Bitcoin received short-term support from traders due to the Bitcoin Gold fork, which dropped coins equivalent to all bitcoin address balances from block 491,407, which was mined on Tuesday morning. Immediately after the fork, the price of bitcoin began to plummet and eventually plummeted below $ 5,400 as traders returned to the markets of Altcoin, whose market capitalizations hemorrhaged in October.

However, the price of bitcoin returned to $ 6,000 on Thursday, reaching $ 5,966 at Bitfinex. Bitcoin has since declined to a current value of $ 5,916, but this still represents an increase of more than 6% over 24 hours.

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<p class= Source: BitcoinWisdom

As is often the case, bitcoin is trading at a high price on Korean trade – even a high-volume title like Bithumb. Currently, Bithumb posts BTC / KRW prices at $ 6,017 – $ 102 more than the world average.

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<p class= Source: CoinMarketCap

Factors Behind the Ascent of Bitcoin

The current recovery of Bitcoin seems to be the product of several converging factors. The first factor is the abysmal performance of gold bitcoin during its first days of open trading. Although the main Bitcoin Gold network has not yet been activated, several stock exchanges have already credited their customers with BTG balances corresponding to their trading portfolio balances at the time of the range. At present, bitcoin gold is trading at just $ 125, which indicates that it has little community support and that traders are not optimistic about its prospects. 39; future. No one expected bitcoin gold to threaten bitcoin, but the resilience of bitcoin in front of another public fork probably plays a minor role in its recovery.

Bitcoin can also make a small wave of speculation before Amazon's revenue call in the third quarter. Last month, rumors surfaced that Amazon could announce the call for profits that it will accept bitcoin. At the time, CCN indicated that the source of these rumors was not credible. However, the rumor has resurfaced this week in Die Welt, a widely read German newspaper. It's unlikely that Amazon will announce that it will accept bitcoin, but it's possible that some traders will place bigger positions in bitcoin in case the rumor turns out to be accurate – an event that would almost certainly lead to a surge immediate price.

Finally, traders and investors might reconsider their prior decisions to take larger positions in the aftermarket markets after the Bitcoin Gold range.

Image from Shutterstock.

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