For a Span of 30 minutes, Bitcoin is at $12,000

Last weekend, in New York, investors were reminded of how peril and promising Bitcoin was in trading.

The largest cryptocurrency in the world rose to about $12,112 after midnight, in trading. This was its first foray after August 2019, which was $12,000. However, it decreased after a short span of thirty minutes, to $10,638. This interval of 30 minutes made investors realise of how Bitcoin is promising yet fragile.

Looking at the short span, Bitcoin’s momentum indicators show that it is overbought, the same way gold is. However, beyond near term trading, Bitcoin has more chances of trending to another level of $13,800.

In recent times, Bitcoin has rallied after rising more than $10,000. In mid March, it had reduced to $4,904, this is when Corona virus started to affect the market. However, by May, it had reached up to $9,000.

In June, Bitcoin’s rally from March suggests that it still has power. All the while, cryptocurrencies’ volatility keeps attracting sceptics.

The notable moves of cryptocurrency both last year and last weekend are quite similar in nature. When huge gains occurred a lot of times during the weekend, Sunday and Saturday, the price rose from some few thousand dollars to a 5 digit range.