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BITCOIN EYES $11,000.......And market likely to see 'some Green lights'

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There are indications that should the bullish run of Bitcoin strengthen, the crypto currency could assail the $11,000 or higher market price before the end of the week.

Having defended $9,300 over the weekend amid low volumes, the cryptocurrency picked up bids and rose to a high of $10,443 yesterday, according to CoinDesk's Bitcoin Price Index (BPI). The uptick was backed by a 28 percent rise in trading volumes, as per CoinMarketCap.

A high volume break above key psychological resistance indicates strong hands are at play, so it's not surprising that the price is on the up. As of writing, bitcoin (BTC) is trading at $10,707, having clocked a session high of $10,714.47 earlier today.

Activity in the individual markets reveals that investors continue to use tether to accumulate bitcoins. Trading volume in BTC/USDT (bitcoin-tether exchange rate) on OKEx has gone up by 6.96 percent in the last 24 hours. Meanwhile, U.S. dollar trading volume on Bitfinex (BTC/USD) has increased by 6.61 percent.

The cryptocurrency is up 14 percent from the lows seen over the weekend and has gained almost 12 percent in the last 24 hours, according to CoinMarketCap.

Looking ahead, the cryptocurrency looks set to extend gains to the 10-week moving average (MA) of $11,385 in the next 24 hours.

FIRE - The truth remains that the market is still volatile and highly unpredictable. However, there are slight indications the market may experience some kind of recovery, at least for a while.

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