Bitcoin Still Up Almost 30% in 2020 - Can It Hold On?
The price of bitcoin is stuck in the $9,200 price range as low volumes continue to plague the markets, said Katie Stockton, an analyst for Fairlead Strategies. “Bitcoin has been tethered to its 50-day moving average recently after having suffered a loss of short-term momentum in June.” Bitcoin’s 50-day moving average is around $9,240 as of Tuesday.
Still, bitcoin is up almost 30% this year. Sweden-based over-the-counter trader Henrik Kugelberg said economic uncertainty bodes well for bitcoin as investors look for places to sock away money. “People are anticipating a real bad global fall, with the actual toll of the first six months not seen until Q4,” he said. “I believe more and more asset managers are at least shifting some portfolio percentages into bitcoin.”
Still, bitcoin is up almost 30% this year. Sweden-based over-the-counter trader Henrik Kugelberg said economic uncertainty bodes well for bitcoin as investors look for places to sock away money. “People are anticipating a real bad global fall, with the actual toll of the first six months not seen until Q4,” he said. “I believe more and more asset managers are at least shifting some portfolio percentages into bitcoin.”
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