RATE Group | Will Growing Interest from China Propel Bitcoin’s Price Higher?
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Will Growing Interest from China Propel Bitcoin’s Price Higher?

17 Aug Will Growing Interest from China Propel Bitcoin’s Price Higher?

Posted at 23:25h in Bitcoin News by

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Bitcoin (BTC) has incurred a significant amount of volatility as of late which was perpetuated yesterday by news regarding the release of Bakkt’s physically settles Bitcoin futures product, which many investors view as a bullish development for the entire markets.

In addition to this, growing interest from China may help Bitcoin’s price climb higher in the near-future.

Bitcoin Stabilizes Above $10,300 After Recent Recovery

At the time of writing, Bitcoin is trading up over 1% at its current price of $10,330, which marks a significant recovery from its recent lows of roughly $9,500 that were set earlier this past week.

Despite the strong recovery from the bout of capitulation that sent BTC to its weekly lows, many analysts still believe that Bitcoin’s technical formations point to further bearishness in the near-future, which may be supported by the gap in the crypto’s CME futures chart, which currently exists at $8,500.

Despite this, Alex Krüger, an economist who focuses…

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