Bitcoin (BTC) Bounces Off $6,000 Over The Weekend, But Will It Continue To Rise?


Bitcoin (BTC) bounced strongly and cleanly off the exact $6,000 level as can be seen on the BTC/USD daily chart above. The price crashed hard on Friday but since then, it has now formed two consecutive green candles over the weekend. While this may be something every bull wants to see, weekend activity generally does not matter much as most traders are away on weekends and the low volume makes it easy for a few big players to manipulate the market.

It is true that a lot of Bitcoin (BTC) buying has been going on in OTC markets over the last few months. It is also true that institutional players are preparing to get involved in the game. Intercontinental Exchange (ICE), parent company of the New York Stock Exchange has recently announced a cryptocurrency platform, Bakkt. Circle owned by Goldman Sachs recently acquired popular crypto exchange, Poloniex. Long story short, in the past eight months, big players in the financial sectors have been positioning themselves to enter the space.

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