RATE Group | BTC/USD spikes 14% from February swing low as $11,000 beckons
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BTC/USD spikes 14% from February swing low as $11,000 beckons

12 Feb BTC/USD spikes 14% from February swing low as $11,000 beckons

Posted at 08:06h in Bitcoin News by

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  • Bitcoin bullish action rides on factors like the Coronavirus breakout, FED’s chair comments and the May 2020 halving.
  • Bitcoin settles in a consolidation range between $10,300 and $10,355.

Bitcoin price approached $10,400 in a new bull-run that followed a recent dip to the support at $9,700. The pullback was indeed necessary for the surge above $10,000. Bitcoin is currently valued at $10,334 after correcting higher only 0.64% on the day.

Fed Chair upholds Bitcoin’s privacy

Bitcoin rose to a five-month high at $10,355 following remarks by the Federal Reserve Chairman, Jerome Powell during his testimony at the U.S House Financial Services Committee. Powell said that there is a need for digital currencies to have privacy features in reference to the soon to launch China’s digital yuan. Powell stated:

A ledger where you know everybody’s payments are not something that would be particularly attractive in the context of the U.S.

While the recent surge…

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