{"id":84769,"date":"2020-10-08T19:23:00","date_gmt":"2020-10-08T16:23:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-turns-bullish-on-squares-50m-btc-purchase-is-11k-next\/"},"modified":"2020-10-08T19:23:00","modified_gmt":"2020-10-08T16:23:00","slug":"bitcoin-price-turns-bullish-on-squares-50m-btc-purchase-is-11k-next","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-turns-bullish-on-squares-50m-btc-purchase-is-11k-next\/","title":{"rendered":"# Bitcoin price turns bullish on Square\u2019s $50M BTC purchase: Is $11K next?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4136090bba7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4136090bba7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-turns-bullish-on-squares-50m-btc-purchase-is-11k-next\/#Volatility_is_at_its_lowest_point_since_the_halving\" >Volatility is at its lowest point since the halving<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-turns-bullish-on-squares-50m-btc-purchase-is-11k-next\/#The_crucial_break_is_the_11000_resistance\" >The crucial break is the $11,000 resistance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-turns-bullish-on-squares-50m-btc-purchase-is-11k-next\/#A_potential_scenario_for_Bitcoin\" >A potential scenario for Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price turns bullish on Square\u2019s $50M BTC purchase: Is $11K next? <\/strong>&#8221;<\/p>\n<div data-v-17f60ba6=\"\">\n<p dir=\"ltr\">The number of Institutional investors stepping in to Bitcoin continues to increase and this <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be inspiring some newfound confidence in Bitcoin price. Just today Square announced that it had purchased 4,709 Bitcoin (BTC) for $50 million.<\/p>\n<p dir=\"ltr\">Square is not the only large company to take this action. Recently, MicroStrategy made waves for also announcing a significant purchase of Bitcoin.<\/p>\n<p dir=\"ltr\">These <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> events could be a signal to investors that a new cycle is starting up and bigger parties are showing significant interest in Bitcoin. However, will this also affect the short term as Bitcoin is still hovering beneath the crucial $11,000 resistance?<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Volatility_is_at_its_lowest_point_since_the_halving\"><\/span>Volatility is at its lowest point since the halving<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"788\" alt=\"Bitcoin volatility 7-day index. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/b0dc38604fdd262347952460cb98e5b4.png\" title=\"Bitcoin volatility 7-day index. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>Bitcoin volatility 7-day index. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/1tGDe5z9\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">Bitcoin volatility is showing signals of boredom, as the metric is back to levels seen in July. That was the period after the halving, which caused a lot of sideways action in Bitcoin price for weeks.<\/p>\n<p dir=\"ltr\">However, as bullish news enters the markets, some short term hype can be established in Bitcoin price action. A breakout out of the currenty triangle would be bullish for Bitcoin, but investors should be cautious.<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"The_crucial_break_is_the_11000_resistance\"><\/span>The crucial break is the $11,000 resistance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"788\" alt=\"BTC\/USDT 3-hour chart. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/b5b56bbadf503b56a34c6e18574f60b1.png\" title=\"BTC\/USDT 3-hour chart. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USDT 3-hour chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/lZIxhaUz\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">As the trendline is holding for Bitcoin, a breakout to the upside occurred. This caused the price of Bitcoin to break through the crucial triangle; however, that\u2019s not the most crucial pivot to watch for.<\/p>\n<p dir=\"ltr\">Investors should watch to see whether the previous support area between $11,100-$11,300 can break. If that area breaks and flips for support, further upwards momentum is warranted.<\/p>\n<p dir=\"ltr\">Such a breakout would cause altcoins to show strength as well, as they\u2019ve been hammered heavily in the previous weeks. The best climate for altcoins is an upward moving Bitcoin as this\u00a0gives investors a calm market environment to trade altcoins.<\/p>\n<p dir=\"ltr\">A significant indicator of altcoins is Ethereum (ETH), which is currently resting on a significant support level.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"788\" alt=\"ETH\/USD 1-week chart. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/a166c88c451c80231c40d147376c0ad6.png\" title=\"ETH\/USD 1-week chart. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>ETH\/USD 1-week chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/MS1geC0q\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">The Ether chart shows signals of a potential bottom construction, but the crucial green area has to hold for further momentum.<\/p>\n<p dir=\"ltr\">If the $290-$320 area breaks for support, a further downward crash is likely to go to the 200-Week Moving Average which currently resides near $220.<\/p>\n<p dir=\"ltr\">However, if the price of Ether sustains support around the $290-$320 area, a potential range-bound construction between $300 and $450 can be established.<\/p>\n<p dir=\"ltr\">That\u2019s a bullish signal, as the price of Ether would then consolidate on a higher level than the previous two years.<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"A_potential_scenario_for_Bitcoin\"><\/span>A potential scenario for Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"788\" alt=\"BTC\/USDT 6-hour chart. Source: TradingView\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/e7cfd285d7fea992f90c42c361adaefa.png\" title=\"BTC\/USDT 6-hour chart. Source: TradingView\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USDT 6-hour chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/NdosJJLe\/\">TradingView<\/a><\/em><\/p>\n<p dir=\"ltr\">The chart might seem like a potential case of \u2018price will go up or down\u2019, but it\u2019s surrounded by a few critical levels to watch.<\/p>\n<p dir=\"ltr\">Essentially, if the price of Bitcoin breaks through the $11,100-$11,300 resistance zone, further bullishness can be expected towards $12,000. This makes the $11,100-$11,300 area is a critical zone for continuation.<\/p>\n<p dir=\"ltr\">If this level cannot break and the trendline is lost, a likely retest of $10,000 is on the cards again.<\/p>\n<p dir=\"ltr\">Until then, a dash of short term bullishness is all market participants can expect.<\/p>\n<p><span style=\"font-size:11px;\"><em>The views and opinions expressed here are solely those of the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl?lang=en\">author<\/a> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/span>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-turns-bullish-on-squares-50m-btc-purchase-is-11k-next\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price turns bullish on Square\u2019s $50M BTC purchase: Is $11K next? &#8221; The number of Institutional investors stepping in to Bitcoin continues to increase and this appears to be inspiring some newfound confidence in Bitcoin price. Just today Square announced that it had purchased 4,709 Bitcoin (BTC) for $50 million. Square is not&#8230;<\/p>\n","protected":false},"author":1,"featured_media":84770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/b190ac66bc03756d6b1ca816b38a5a8e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74938,74939,73785],"class_list":["post-84769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-ethereum-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/84769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=84769"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/84769\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/84770"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=84769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=84769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=84769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}