Bitcoin and its counterparts ETH, XRP, and many more are facing buy signals. What does that indicate? We bring you all the news on them. 

What Is Happening With Square? 

Following the announcement Square made the day prior about purchasing $50 million worth of bitcoin for reserves are cryptocurrency markets seeing decent gains on Friday. The overall market capitalisation of all 7,000+ crypto assets is up over 2% hovering at $340 billion during the morning trading sessions. 

As a number of the top crypto markets have seen 24-hour gains, digital currency markets are doing well on October 9. When the publicly listed firm Square told the public it purchased 4,709 BTC, the positivity increased on Thursday. Up 4.4% for the last seven days, 8.1% for the last 30, and over 19% for the last 90 days is Bitcoin. 

Currently trading for $11,062 per coin at the time of publication, moreover, bitcoin has surpassed the $11k price range. Capturing 61% dominance today amongst all the other market valuations, Bitcoin’s market capitalisation is over $205 billion. 

In The Market Capitalisation What Is The Crypto Doing? 

As the crypto asset has gained more than 4.4% during the last week Ethereum is also doing well. Capturing 12.14% of the crypto economy’s aggregate market value, at press time, ETH is swapping for $359 per coin. On Friday, ETH’s position is followed by tether, XRP, and bitcoin cash.

Gaining over 4.2% this week and 6.7% during the last 30 days is bitcoin cash trading for $237 per BCH. Yearn Finance’s native token YFI, which has jumped 27.5% to $18,519 per coin is one of the biggest market performers before the weekend. 

Expecting some possible big moves this weekend are cryptocurrency traders. Telling his 28,000 Twitter followers that the lengthy consolidation period for BTC may be coming to an end was the popular analyst Cantering Clark.#The trader tweeted that they will get a big move before the weekend for BTC as he thinks that given this prolonged state of compression. 

He further added that he doubts he will get some cookie-cutter retest either direction. It comes like those candles that need to commit quickly whereas the trade is already behind you.  

One trader believes that bitcoin was already bullish before the announcement, as thereby social media crowd has been talking about Square purchasing 4,709 BTC at $ 50 million.

The Opinions Of The Experts In Crypto 

Telling his Twitter fan base, the crypto commentator Light was of the opinion that before the Square news, Bitcoin was already bullish. This comes even with no supply selling bottom of this trendline even as YFI has been trying to kamikaze the whole market and what comes next is obvious. 

Believing that a big buy signal may come to fruition was the popular financial analyst Peter Brandt telling his 376,000 followers. 

On Thursday, Brandt tweeted that it came as a major development with a global corporation like Square now putting BTC onto its balance sheet. 

Brandt concluded that poised to flash a big buy signal was the weekly and daily charts. As Square only put 1% of the firm’s holdings into BTC, not everyone however agreed with the Veteran treader. Responding to Brandt’s optimistic tweet was an individual saying 1% pathetic where are the real bulls? 

What About The Bollinger Band-Width?

Noticing the Bollinger Band-width is around 0.95 this week as furthermore, the number of traders has therefore been eyeing BTC/USD chart technical indicators. On October 5 the trader Nunya Bizniz on Twitter noticed this chart development. 

Nunya Bizniz further tweeted BTC Monthly: it has never been narrower with Bollinger Band-width. Is volatility incoming? 

Just before the 2017 run-up, the last time BTC’s Bollinger Band-width was this narrow was in 2016. It's quite possible there could be some downside risk as meanwhile the current tight width does not necessarily mean BTC’s price will go northbound. Despite the very narrow Bollinger Band-width, a number of people seem hesitant about which way the BTC price will go. 

The Final Words 

So now what is being observed in the bitcoin scenario? Is it that the current situation of Covid-19 has therefore put the currency at risk? Where will the investment of Square head to? These questions remain to be answered and a lot more has to be said about the cryptocurrency situation. Hence, we make the discussion a little bit elaborate when it comes to determining the current market status of the currencies thereby including BTC, ETH, XRP, and many more in the market. 

With these observations, we sign off promising to bring more the next time. The cryptocurrency scenario including bitcoin is ripe with many inclusions.