Cryptocurrency Price Update: Bitcoin Futures Increase While $10,000 Resistance Holds

By James Gray·27 April 2018·2 min read

Key Points

Institutional demand continues to provide support for digital assets even as the Mt Gox bankruptcy administrator prepares to move additional holdings.
The trustee overseeing the defunct exchange's aff

Institutional demand continues to provide support for digital assets even as the Mt Gox bankruptcy administrator prepares to move additional holdings. The trustee overseeing the defunct exchange's affairs, Tokyo-based lawyer Nobuaki Kobayashi, has transferred 16,000 Bitcoin—valued near $141 million—from secure offline storage this week. The remaining Mt Gox holdings amount to approximately 146,000 Bitcoin across multiple addresses. Kobayashi previously disclosed liquidating roughly $400 million in Bitcoin and Bitcoin Cash from the Mt Gox estate during September 2017. Since the platform's collapse in 2014, creditors have largely remained unable to recover their original losses.

728×90

Market observers suggest the measured pace of these transfers indicates a deliberate approach to asset sales rather than aggressive dumping that could depress prices further. Bitcoin's trading activity has climbed to $9,740 this week—approaching the psychologically significant $10,000 threshold not reached in nearly eight weeks. Breaking through that level would signal renewed confidence among traders. "Resistance continues at the $10,000 level, which interestingly aligns with the current 200-day moving average," notes Mati Greenspan, lead market strategist at eToro. "Surpassing this barrier would represent meaningful bullish momentum."

The broader market reveals encouraging trends regarding asset diversification. Declining correlation among alternative cryptocurrencies indicates individual projects are gaining traction based on fundamental developments rather than herd mentality. Stellar and IOTA have emerged as standout performers, with Stellar competing near the 7th position in total capitalization alongside Cardano. Buy-side pressure reaches 92.86% across major holdings—eclipsing the 88% recorded at December's peak—according to data from TurtleBC and Cryptoslate. The overall sector capitalization has rebounded past $400 billion for the first time since March's early weeks.

The appetite from established finance continues accelerating. "Bitcoin climbing above $9,000 reflects deepening institutional participation," explains Rodrigo Marques, head of Atlas Quantum's investment operations, speaking to The Independent. "Speculation regarding upcoming price moves increasingly stems from traditional investors entering the space." Supporting this shift, Nasdaq announced Wednesday that exchange participation in crypto markets would proceed pending clarification around regulatory frameworks. Separately, German banking and trading firm VPE made history by launching cryptocurrency services for professional clients—marking the first German institution to offer such capabilities to the institutional segment.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

728×90