3 REASONS WHY BITCOIN IS BACK ABOVE $10,000

[theeditor]

According to Bitcoinist, The three reasons for the rise in price of Btc are;

• Fed Rate cuts
  -Btc cant be band
  -Another 10k bullbtrap
  1). FED RATE CUTS
  For the first time in a decade, the U.S. Federal Reserve cut interest rates by a quarter of a percentage point (0.25%). After a momentary slip, BTC above $10,000 within the space of five hours.

  Many commentators have argued that a rate slash by the Fed would be net positive for bitcoin. Lower interest rates usually lead to increased liquidity in the financial market — a trend that could trigger increased inflow into bitcoin.

1. BITCOIN CAN'T BE BANNED

   Bitcoin’s rise to a five-day high above $10,000 could be attributed to a slew of positive comments about the top-ranked crypto within the past week. Mike Crapo, chairman of the U.S. Senate Banking Committee even said that the Currency couldn’t ban bitcoin.
   There is also some positive bitcoin news coming out of China despite the country’s ban on crypto trading and ICOs. The Bank of China recently published a mostly favorable infographic describing BTC and the reasons behind its increase in price.
   

2. ANOTHER $10K BULL TRAP

   The current rise above $10,000 might also be another false start for bitcoin in the Summer. As previously reported by Bitcoinist, July and August are historically lean months for BTC.
   Also, there have been reports of massive liquidation of longs on BitMEX, running into about $50 million. Some commentators even attributed the late July BTC flash crash to these liquidations on long positions by the exchange.

As at press time, the crypto market as a whole has gained about $8 billion over the last 24 hours.

But the big question remains. "CAN BITCOIN HOLD $10K IN THE SHORT TERM"

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