In the early hours of Saturday, October 10, Bitcoin broke through the resistance level that many analysts had previously identified at $11,200, briefly approaching $11,500.
At the time of publication, Bitcoin was trading around $11,375.
BTC/USD chart from TradingView.
Over the last 24 hours, BTC rose 4.4% (+7.5% over the week); market capitalization rose to $210.5 billion, accounting for 57.6% of the total market cap.
The catalyst for the latest wave of Bitcoin’s price rise, as many experts agree, was news that Square, led by Jack Dorsey, invested 1% of its capital in cryptocurrency ($50 million).
But other drivers are cited as well — among them news that US authorities are preparing a new package of measures to stimulate the growth of the economy, battered by the COVID-19 pandemic, to the tune of $1.8 trillion. This would flood the market with freshly printed dollars.
Negotiations over the exact amount to be approved within the stimulus package продолжаются. Political opponents – Republicans and Democrats – have not yet reached a consensus.
Most leading altcoins are also showing gains: the second-largest cryptocurrency Ethereum (ETH) is trading around $375 at the time of publication (+7.2% over 24 hours), while Chailink (LINK) and Cardano (ADA) have risen by 10% or more.
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