Bitcoin Edged higher to $11,000 – Rally continues
The price of digital currency bitcoin moved higher on Monday after climbing back above the $11,000 for the first time in four weeks over the weekend before surrendering gains.
Bitcoin was trading at $10,731 on the Bitfinex exchange by 09:31 AM GMT, up around 3.21% for the day.
Bitcoin has rebounded after falling to a more than two month low of $6,000 on February 6, but the price remains around 20% lower for the year to date.
Prices were also been hit by fears over potential price manipulation. U.S. regulators are investigating the Bitfinex exchange over its links to digital asset Tether, amid fears that it is being used to artificially inflate bitcoin prices.
Recent comments from U.S. financial regulators that balanced the need for regulation with consumer protection have also helped prices recover.
The regulator’s comments echoed those of U.S. Treasury Secretary Steven Mnuchin, who has said that his number one concern on bitcoin was its use in criminal activity.
Other major cryptocurrencies traded higher, with Ethereum, the world’s second largest cryptocurrency by market cap, rising 1.81% to $936.51.
The third largest cryptocurrency Ripple was up around 2.78% to $1.10.
On the technical charts, BTC/USD is trading in the positive zone and is testing the 200 day EMA line. The RSI is at 56.62 and the MACD is above the signal line.
Buy stop at 10870, Take profit at 11223, Stop loss at 10519