Analysts explain the growth of Bitcoin

On May 12, Bitcoin rose in price to more than 7 thousand dollars for the first time in 2019 and continues to maintain its performance. For several days, the cryptocurrency has risen by almost 2 thousand dollars.
An expert from Forbes connects this situation with the improvement of bitcoin and cryptocurrency moods. The new relative strength index (RSI) Bitcoin, used to determine the dynamics of asset prices, shows the maximum value since 2018. It was then the cryptocurrency reached the highest rate.
Also, among other reasons for the bullish growth of cryptocurrency, analysts have identified other factors. Among them is a rumor about Facebook launching its own cryptocurrency, which has led to a speculative interest in the topic of tokens.
In addition, there has been an accumulation of cryo-currency in the market during 2018-2019.
In addition, analysts point to a change in the behavior of the main players in the market. Owners refuse to sell bitcoins, and buyers keep their assets longer. And large owners have moved into the category of net buyers (they buy more than they sell), and not sellers.
Prior to this, Bitcoin officially set a historical record for the longest period of price reduction in 10 years of its existence. As of February 2, 2018, the cryptocurrency collapse has been going on for 411 days in a row. And on November 19, the Bitcoin rate dropped to its lowest level in 2018 - below $ 5,000 per unit. The remaining cryptocurrencies also became cheaper, Ethereum fell by 12%, Litecoin - by 11%.

The information above cannot be considered as an investment advice and past results do not indicate future performance.
**Investors should have experience and understand the risks of losing all the initial investment.
80% of retail investor accounts lose money when trading CFDs with GMOTrading.

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