What’s behind the recent bitcoin rally price to $7,100? Michael Moro, CEO of Genesis Trading and Genesis Capital, thinks the market’s stable reaction to the SEC’s ETF rejections last week played a big role.
Interviewed on CNBC, Moro noted that the selloff that has greeted SEC rejections in the past did not materialize.
The important question now, he said, is how long the $7,100 price level holds.
Bitcoin Price Analysis: Waiting For The Bulls
If the $7,100 price holds for one or two weeks, the bulls will return, he said, and $10,000 is a likely possibility. The bulls are waiting to see if the $7,100 price holds. Asked what will move bitcoin to $10,000, Moro said slow and steady growth will be needed, along with volume.
“What you need to see is the less violent moves of 5% up, 10% up, and a slow and steady growth across the exchanges,” Moro said.“What I also think is important is I think the market now understands that the SEC’s ETF approval isn’t any time soon.”
“I think the bears have realized that they’ve run out of steam,” he added. In addition, on the spot trading side, there were very few sellers around the $6,000 level.
Moro finds it interesting that every time the bitcoin price pops, some people start to sell.
https://www.google.co.in/amp/s/www.ccn.com/clear-headed-response-to-crypto-etf-rejections-drove-bitcoin-price-to-7100-analyst/amp/