Bitcoin price news: Why is bitcoin rising today? BTC price SOARS

Bitcoin has jumped 8.54 percent and is currently trading at $3,486.28, according to CoinMarketCap. Traders have ascribed the move to heavy buying on Japan and Hong Kong-based exchanges. It was heading for its biggest daily rise since November 28.

However even though bitcoin has increased in a 24 hour period from $3,265.55, in reality the price remains very weak, Nick Cawley, analyst at Daily FX told Express.co.uk.

He said: “Bitcoin is only around $250 above the recent 15-month low made last week.”

The analyst disputed the reason for the rise and said the $150 spike on the one-hour chart indicates a lack of sellers more than a heavy buying interest on foreign markets.

He added: “Bitcoin remains weak and a fresh test of the September 2017 low at $2,970 remains on the cards, and if this level does not hold the next level of support, the July 2017 low at $1,760, will come under pressure in the coming weeks.”

Bitcoin has fallen around 80 percent from its record high last December.

In the last three months, it has fallen nearly 50 percent.

Today marks 12 months since bitcoin’s peak price and since it’s inception 10 years ago the cryptocurrency has already experienced four retracements.

But Matt Greenspan, senior market analyst at eToro, assured: “Bitcoin will find its natural centre of gravity, it’s just a matter of time.”

This time last year Bitcoin was trading at more than $19,000 and toady it is around five times less than this hovering at the $3,000 dollar mark a token.

Clement Thibault, senior analyst at Investing.com, said the bubble of the bitcoin world may have eventually burst.

He said: “Bitcoin holds a big promise of sovereign and sound money – the bubble we experienced a year ago was an unfortunate consequence of human greed and short term thinking.

“Bitcoin hasn’t changed in the past year and it remains the same asset, whether it’s worth’s $20k or $3k.

“It’s potential and usefulness haven’t diminished with the price.

Mr Thibault did not believe bitcoin would reach new highs in 2019.

He added: “I believe too many would-be early adopters got burnt badly last year and once an asset has been labelled a bubble, a gamble, or a speculative investment, it takes time to rebuild the trust and appeal needed to push the asset forward.”