Two Big Factors Are Driving Up Bitcoin Prices

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coindesk-bpi-chart (48)

The cost of bitcoin rose tighten to 10% this week, pulling aloft as bullish marketplace view and low liquidity combined an ideal sourroundings for gains.

The digital banking enjoyed important increases during a week, leading $600 on Sunday, 4th September, while largely avoiding any poignant pullbacks or corrections.

Sentiment is so clever “players are not peaceful to gamble opposite a arise of BTC/USD,” according to Petar Zivkovkski, executive of operations for Whaleclub.

He told CoinDesk:

“New brief position openings are roughly during all-time lows, [which] indicates that a marketplace expects a continued rise.”

Tim Enneking, authority of cryptocurrency investment manager EAM, sees identical army moving a stream market.

“Sentiment is generally bullish,” he added.

Fast start, bullish sentiment

Bitcoin prices had a quick start during a week, opening during $571.68 on 2nd Sep before surging 4.9% to $599.60 a following day, according to CoinDesk USD Bitcoin Price Index (BPI) data.

While a digital banking tested $600 and unsuccessful to mangle by that resistance, it surpassed that pivotal psychological separator on Sunday, 4th September, before rising to an intra-day high of $612.39, additional BPI total reveal.

The digital currency’s cost surged some-more than 6% over a weekend of 3rd and 4th September. Market

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