Michael Moro, the chief executive of both Genesis Trading and Genesis Capital, has shared his opinion on how and why the Bitcoin price was able to make its rally to the 7,100 USD level. According to Moro, it has to do with the cryptomarket’s response to the US SEC’s rejections of the exchange-traded funds.
Furthermore, Michael pointed at a more significant matter, which is how long will Bitcoin hold its position at such level. In the event that it stays in place for at least a couple of weeks, there is a high chance for the bulls to make a comeback, making it very likely to drive the world’s dominant digital currency to 10,000 USD. Therefore, the bulls are playing the waiting game now. Should the price level hold for one or two weeks, the cryptocommunity might have the chance to see Bitcoin come back to its high 5-digit levels, provided that it grows slowly, but steadily, accumulating sufficient trading volume in the process.
Moro explains that the volatility is unwanted and for the rally to become successful, the growth has to take it slow and steadily.
As far as exchange-traded funds are concerned, Moro believes that the community has finally realized from the SEC’s decisions that the funds are not happening in the near future.
In addition, Michael finds it curious that whenever BTC value pops, there are always people who begin selling the currency.