{"id":306012,"date":"2019-03-19T10:24:03","date_gmt":"2019-03-19T08:24:03","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=306012"},"modified":"2019-03-19T10:24:03","modified_gmt":"2019-03-19T08:24:03","slug":"wondering-how-bitcoin-is-doing","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/306012\/wondering-how-bitcoin-is-doing\/","title":{"rendered":"Wondering how Bitcoin is doing?"},"content":{"rendered":"
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Bitcoin broke above $4,000 for the first time since early January, a milestone seen as significant by at least one well-known crypto bull after weeks of sideways trading.<\/p>\n

\u201cRound numbers are important,\u201d said Tom Lee, co-founder of Fundstrat Global Advisors. \u201cCertainly getting back up above $4,000 and decidedly breaking above it would be really helpful.\u201d<\/p>\n

It\u2019s a key level for many close watchers of the coin, who painstakingly saw its price lurch lower in 2018. Bitcoin fell close to $3,150 in December, a staggering 80 percent drop from a record $19,511 just a year prior. Monday marks the first time it crossed the $4,000 level during weekday trading since Jan. 9.<\/p>\n

A number of tailwinds are building that could help Bitcoin\u2019s price recover, said Lee. The dollar, for one, isn\u2019t as strong as it was last year and emerging-markets stocks have recovered. In addition to regulated infrastructure being built around cryptocurrencies, pension and endowment funds are also starting to invest in coins.<\/p>\n

\u201cThere have been good fundamental developments in the industry over the past few months,\u201d said David Tawil, president of crypto hedge fund ProChain Capital. \u201cInvestor capital is coming in, and speculator capital seems to continue to depart. There may be one more flushing out before the currencies begin a steady and strong march upward.\u201d<\/p>\n

This year is about the repair of the crypto market, said Lee. \u201cThe last few months of 2018 saw just a massive breakdown of Bitcoin due to the contentious hard fork wars of Bitcoin Cash,\u201d said Lee. \u201cIf time is needed, then 2019 is the year where the market starts to build better risk-reward and then the breakout happens next year.\u201d<\/p>\n

Conclusions can\u2019t be drawn until Bitcoin recovers its 200-day moving average, or the $5,400 level, said Lee. \u201cI wouldn\u2019t draw sweeping conclusions. At the bottom, people won\u2019t be bullish – they\u2019ll be more bearish.\u201d<\/p>\n

\"\"<\/a><\/p>\n<\/div>\n

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Read: Bitcoin drops further as 2018\u2019s agony keeps going<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin broke above $4,000 for the first time since early January, a milestone seen as significant by at least one well-known crypto bull after weeks of sideways trading.<\/p>\n","protected":false},"author":59,"featured_media":289834,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[5537,26],"class_list":["post-306012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bitcoin","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/306012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=306012"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/306012\/revisions"}],"predecessor-version":[{"id":306016,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/306012\/revisions\/306016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/289834"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=306012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=306012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=306012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}