Why Did Bitcoin Just Jump to $10,700?

Bitcoin, one of the top cryptocurrencies by market capitalization, rocketed to a peak of $10,726 at 16:01 UTC on the Bitstamp exchange after a shortly squeezed period.

By suddenly jumping almost four percent in a short period of time, BTC has gradually gained its early position after a significant drop to $10,200 on September 23.

Now it is at the $10,633 level.

Bitcoin, gold, and stock see a mild recovery

Cryptocurrency trader Scott Melker says that Bitcoin’s RSI bullish divergence gives a positive signal about the most recent upward move.

The leading cryptocurrency also showed its relationship with legacy markets after a slight recovery.

Gold has the same result with BTC’s losses when it had three consecutive days in the red due to the increasing dollar index.

The S&P 500 is also up by 0.34 percent after eliminating all 2020 gains during the trading session.

One year since Bitcoin’s epic plunge

Jumping to $10,700, Bitcoin is yet lower than the pivotal $11,000 level prior to the widely anticipated quarterly expiry of option contracts that will take place today.

While the bullish people might be on the ground because the power of the dollar is strong, they realize that they have more trust in their place than one year ago.

BTC now is trading 10 percent higher than in the past according to the data of OnChainFX. At this time last year, the top coin collapsed to $7,900 after the breakdown of a major descending triangle.

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