Bitcoin rises above $ 11,000 dollars – but why? This is what analysts think of the movement

Bitcoin is up about $ 200 in the past 24 hours and is now trading at $ 11,100. This is the highest price the cryptocurrency has been traded at for many days and weeks.

The leading cryptocurrency is reportedly moving up in anticipation of further incentives and a possible democratic choice.

According to analysts, there are also on-chain factors that are likely to drive Bitcoin higher.
At the time of writing, the leading cryptocurrency is moving above major resistance levels.

Why Bitcoin is recovering now and is likely to continue to rise

Bitcoin has risen by $ 200 in the past 24 hours, topping $ 11,000. Analysts said the market could continue to move higher on expectations of a democratic election and a stimulus check issued to stimulate the economy.

“The dollar is being shredded (EURUSD in blue). BTCUSD (purple) on top, XAUUSD on top. Market price fixing in a democratic sweep and a stimulus buffet. “

Chart of the BTC price behavior over the last day in relation to the gold price and the value of the dollar in relation to the euro.

Mike McGlone, Senior Commodities Analyst at Bloomberg, endorsed this claim. He writes on the question of whether Bitcoin does well under democratic administration in the White House:

„A possible Biden presidency should show favor with a further appreciation of the price of #Bitcoin. New leadership could change the Trump administration’s „hands-off“ policy. – change to the detriment of the broader crypto market – and push Bitcoin towards the mainstream, which would improve the ETF’s chances. „

On-chain trends are bullish

These fundamental factors for Bitcoin are based on on-chain trends that show a growth path for the crypto asset.

Analyst Willy Woo:

„Inzwischen zeigen die On-Chain-Fundamentaldaten, dass mehr neue Investoren hinzukommen als in der Maniephase des letzten Zyklus (Dez. 2017), ohne dass sich dies im Preis niederschlägt. Der Grund dafür ist, dass die ungehemmten Trading-Spiele auf den Derivateplattformen den Preis niedrig halten.“

Entscheidende On-Chain-Trends – einschließlich, aber nicht beschränkt auf die Hash-Rate, die neue Allzeit-Höchststände erreicht –, sind aktive Adressen, die im Laufe der Zeit zunehmen, und neue Adressen, die in die Höhe schnellen, wenn neue Nutzer zum ersten Mal in das Netzwerk eintreten.