Bitcoin is Hitting $10,000 Before the Week Ends Plus Four Possible Reasons For Recent BTC Price Surge

The price of Bitcoin has been a hot topic lately, rising from under $4,000 to over $8,000 in a matter 5 weeks and has already posted its best monthly value gains since its epic November 2017 run. Let's take a look at why a recent twitter poll puts BTC/USD exchange rate value at $10,000 within 4 days and go over four plausible reasons as to why Bitcoin is finally shaking free of its 17 month bear market slumber and hibernation.

• Bull Season 99% – Crypto analyst

• Only a 23% to 38% retracement expected – Crypto trader

• “Pay me in Bitcoin” – Russell Okung, American football offensive tackle (OT) for the Los Angeles Chargers

• Last 24-hours further making a bullish case for Bitcoin

Bitcoin is not showing any sign of stopping. It keeps on climbing and the price of BTC has now reached $8,142 level with 24-hours gains of over 12 percent.

Given the speed at which BTC/USD is surging, before we hit the weekend, the flagship cryptocurrency is going to smash through $10,000. However, it’s not just the ongoing trajectory, bitcoin has a number of factors that would take it to the 14-months high level.

Recently, economist and crypto trader, Alex Kruger conducted a poll on Twitter about when we are hitting $10,000? Well, it’s a tie!

Out of the total 2,216 votes cast, the majority of the votes that is by 31%, BTC is reaching $10k in 4 days. Meanwhile, 31% also don't see BTC going for $10k before September. A huge percentage of people, 27% also believe it is coming in 4 weeks.

Bull Season 99%

Crypto analyst Willy Woo, took to Twitter to share that it is the bull season. Talking about the 200-day moving average, Woo says in Bitcoin’s entire 10-year trade history, whenever BTC has crossed above this line for any “sizeable time” for instance eight weeks, it has signaled the bull season.

“Even a super conservative trend line support puts us above the 200 DMA. Bull season is now 99%,”

says Woo.

As for the 1 percent, Woo says they are now awaiting the on-chain volume to climb as it is proxy to longer-term investor activity. Once it does, it will be 100% confirmation of a bull run. This confirmation will come after the price pulls back from the current exponential climb as investors BTFD.

As for this retracement, 23% to 38% is expected which is the spot to buy the dip and after that, straight to the moon.

Meanwhile, all eyes are on the top of Bitcoin from where this retracement will start. However, it is hard to say where exactly Bitcoin will stop as it has been on a tear for the entire May so far.

It seems like that we would get to see $10,000, given the way the news of Bitcoin mainstream adoption, institutions going crazy with trading Bitcoin as evident from record CME BTC futures volume and breaking the resistance of $8k have started this week.

4 Possible Reasons for Bitcoin’s Weekend Price Increase

Bitcoin reached over $8,000 over the weekend and there may be five factors that have influenced this price boost.

The first is front running institutions. For instance, Fidelity announced that it will offering Bitcoin trading in a few weeks’ time. Fidelity manages around $2.4 trillion in assets, thus its proposal to begin bitcoin trading could provide a significant amount of exposure.

The second is coordinated buying by whales. This could be apparent by looking at trading volume and price action.

The third is stock to flow value of the next halving. PlanB’s tweeted and continued, “Although this is not my S2F model but a Time model, this chart seems to suggest that we will see red within a couple of months … which is much earlier than I expect (ATH after May 2020 halving) …”

The fourth possible reason is an epic short squeeze. Bitcoin’s increase in volume through a resistance to reach approximately $7,500 is an example of a short squeeze.

And finally, it is also possible that these reasons did not contribute at all. But at least according to the recent crypto twitter community survey, Bitcoin's price will see $10,000 USD within the next 4 days .. as hopeful as some might be for this to be reality, the last time the price of BTC was at $10,000 was March 6, 2018, a mere 434 days ago. #TimeWillTell

Bitcoin’s price is $8,012.40 BTC/USD exchange rate today. The real-time BTC market cap of $141.83 Billion currently ranks #1 with a chart dominance at 58.12%, daily trading volume of $9.96 Billion and live coin value change of BTC 0.50% in the last 24 hours.

 

By AnTy – May 15, 2019

 

Alan Zibluk Markethive Founding Member

Bitcoin tops $8,000 as it hits highest since July 2018

There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high on Monday.

Bitcoin surged to more than $8,000 late on Monday, its highest level since July last year, as the cryptocurrency's rally gained further momentum.

There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high on Monday.

But there is an ongoing blockchain and cryptocurrency conference in New York called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry. Bitcoin had also rallied during previous Consensus conferences.

Bitcoin was last up nearly 17 percent at $8,131 on the Bitstamp exchange, the largest daily percentage jump since early April. It hit a high of $8,167.50, a roughly 10-month peak.

Some analysts pointed out that bitcoin's rally coincided with the escalating trade war between the United States and China, which eroded overall market risk sentiment. But it is too soon to declare bitcoin as a safe-haven asset, they said.

David Thomas, of London-based cryptocurrency broker GlobalBlock, said the breaching of a key $6,000 support level last week fuelled interest among investors.

In addition, Lukman Otunuga, research analyst at FXTM, said the bullish "golden cross" is already in play on the daily charts. This occurs when the 50-day simple moving average has crossed above the 200-day moving average.

Other market participants said perceptions of bitcoin's resilience in the wake of last week's $40 million theft from the major Binance exchange was supporting sentiment. Cryptocurrency markets have previously fallen after high-profile security breaches.

Bitcoin has almost doubled in price this year, underscoring its volatility after a bruising 2018. Last year it lost some three-quarters of its value amid tighter regulation across the world.

But so far on the year, bitcoin has been up a sparking 119 percent.

 

 

Reuters

@moneycontrolcom

Alan Zibluk Markethive Founding Member

Bitcoin to resume growth once the short-term correction is over

• Bitcoin settles at $7,000 after a strong weekend rally.

• Critical support is seen at $6,500.

BTC/USD hit $7,582 on weekend. This is a new 2019 maximum and the highest level since September 2018. While the coin has retreated to $7,000 by the time of writing, the long-term trend remains strongly bullish with the next focus as high as $8,000.

Looking technically, BTC/USD broke above SMA200 on a weekly chart. The price moved above this technical barrier for the first time since November 2018. While this development can be interpreted as a bullish signal, traders should pay attention to some bearish signs – like weekly RSI reversed to the downside – that imply some short-term correction from an overbought territory. However, the bullish trend is intact as long as the price stays above $6,600-6,500 area supported by SMA200 weekly (currently at $6,590).

On the intraday charts, the local support comes at $6,750 (the middle line of 4-hour Bollinger Bands), once it is cleared the sell-off may be extended towards the above said $6,600 barrier and $6,200.

On the upside, we will need to see a sustainable move above $7,100 strengthened by the intraday low and the middle line of 1-hour Bollinger Band, for the recovery to gain traction. Ultimate resistance lies with $7,500 followed by he recent high of $7,582.

BTC/USD, 1-day chart

 

 

Tanya Abrosimova

FXStreet

 

Alan Zibluk Markethive Founding Member

Bitcoin jumps to nine-month high as cryptocurrencies extend rebound

The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its Dec. 14 trough and is now rising for a sixth-straight day on Bitstamp.

Bitcoin surged to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the New York attorney general’s investigation of a key part of the market.

Bitcoin rose as much as 6.9 per cent to $7,445, before trading at $7,341.37 as of 7:45 a.m. Hong Kong time on Sunday, according to Bitstamp. All five members of the Bloomberg Galaxy Crypto Index are up more than 10 per cent since Friday, based on pricing from Bitstamp and Bitfinex.

The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its Dec. 14 trough and is now rising for a sixth-straight day on Bitstamp. The decade-old token surged as intensifying trade tensions hammered global stocks in the past week to set fresh milestones for Bitcoin’s wild ride after it crashed last year from 2017’s peak above $19,000.

Virtual currencies slumped last month as New York Attorney General Letitia James alleged an $850 million coverup by the companies behind virtual currency Tether and Bitfinex — one of the world’s largest crypto exchanges. The Bloomberg Galaxy Crypto gauge tumbled 11% in the week to April 26 for its biggest one-week slide this year.

 

Garfield Reynolds | Bloomberg

Last Updated at May 12, 2019 08:53 IST

Alan Zibluk Markethive Founding Member

Bitcoin – Crucial weekly close for the bulls

• BTC at a crucial spot in its journey to the North.

• Weekly close above key resistance would be final nail in the bears' coffin.

Bitcoin, the poster boy of the cryptocurrency world has given yet another breakout on the daily and weekly charts, which would only be long term positive in its journey to the North after a tumultuous past that saw prices crash like nine pins.

BTC/USD is up more than three percent on day at $6,546 in about four percent range for the day. Saturday's rally is supported by a breakout of a horizontal resistance line drawn from February 2018 low that broke down in November which resulted in prices nearly halving within a month.

Now that the price of the largest crypto coin is back above this key resistance line, all that the bulls need is a close above this key resistance line, which would now act as a support – placed at $6,137 currently while it faces resistance in the form of 100 weeks SMA exactly where the price is – $6,539.

BTC/USD daily chart:

 

Manoj B Rawal

FXStreet

Alan Zibluk Markethive Founding Member

Bitcoin May Face Significant Retrace as It Nears Key Resistance Level at $6,400

The crypto community was pleased to find that Bitcoin was able to surge past $6,000 for the first time since the cryptocurrency plunged to its 2018 lows of $3,200 in December.

Analysts are now closely watching the $6,400 level to see how the crypto responds to this price, as many analysts believe that there is a significant level of resistance at this price which may lead to a pull back that could offer a good entry point for fresh long positions.

Investors Celebrate as Bitcoin (BTC) Breaks Above $6,000

At the time of writing, Bitcoin is trading up 2.6% at its current price of $6,080, up slightly from its daily lows of $5,900 which were set yesterday.

Over a one-week period, BTC has been able to surge significantly, climbing from lows of $5,500 to highs around its current price levels, marking a major extension of the upwards momentum that the cryptocurrency incurred in early-April when Bitcoin swiftly surged from the low-$4,000 region and into the $5,000 region.

Although the recent series of price surges have been undoubtedly bullish, analysts are still warning traders to express caution before “fomo-ing” into the crypto, as a retrace may be inevitable.

Lucid TA, a popular crypto analyst on Twitter, expressed this sentiment in a recent tweet, noting that traders should closely watch for the next retrace, as it may mark a great entry opportunity for fresh long-positions.

“A reminder to those feeling fear and FOMO – $BTC always retraces. Major spills are par for the course. Expect them, and don’t be shaken by them. They can provide excellent buying opportunities for those who are able to retain their conviction,” he said, referencing the below chart.

A Pullback May Ensue After BTC Hits $6,400

As for what price level may spark the next retrace, there is a general consensus amongst analysts that $6,400 will be the next level of strong resistance that BTC faces, which could lead to a drop that elucidates whether or not $6,000 has become a level of support.

“$BTC > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018,” Alex Krüger, a popular economist who focuses on cryptocurrencies, explained in a recent tweet.

Josh Rager, another popular crypto analyst on Twitter, echoed Krüger’s thoughts, explaining that he believes $6,450 is an “epic” resistance level that, if flipped into a support level, would be “insanely bullish” for the cryptocurrency.

“The most epic $BTC resistance awaits. Don’t think BTC blasts through this area easily, this resistance is bearishly strong. A flip to support above $6450 would be insanely bullish, IMO if $BTC closes above, it won’t be closing back under. For now, it is a primetime pullback zone,” he noted.

As the week drags on, analysts and traders alike will be closely watching to see whether or not Bitcoin is able to find stability above $6,000, which may allow it to surge higher before it hits any region of significant resistance.

 

COLE PETERSEN | MAY 10, 2019 | 12:00 AM

Alan Zibluk Markethive Founding Member

Bitcoin [BTC] Breaches $6000 – Time for a Pullback or Locking New Targets?

Bitcoin finally breached $6000 on 9th May 2019. The momentum toward Bitcoin [BTC] was high this week as it held above the $5700 mark. Moreover, it was barely affected by the Binance hack, which affected one of the largest cryptocurrency Exchanges in the world.

The price of Bitcoin [BTC] at 3: 40 Hours UTC on 9th May 2019 is $6060. It is trading 3.34% higher on a daily scale. The ‘bull run’ as expected might have begun as Bitcoin is closing near two times the bottom (near $3150) price. The dominance of Bitcoin over the cryptocurrency market is 56.8% and the total market capitalization is above $107 billion.

BTC/USD 1-Day chart on Coinbase (TradingView)

Should We Expect a Pullback?

While a strong buying momentum is built up, making traders apprehensive of the next bull run, some bears maintained their stance. Tone Vays, a leading trade analyst on Bitcoin is expecting a “pullback.” He said,

“We’ve not had any significant pull back in bitcoin for a long time.”

The bear case from here according to Tone Vays’ analysis was based on sequential on a daily chart which reached a high at $5974. He also asserted that the ‘probability of a pullback has increased’ now. Nevertheless, he also predicted that a sequential 1 and 2 above the 9 would set up for another leg up with targets near $6150.

 

Nivesh Rustgi 1 min ago

Alan Zibluk Markethive Founding Member

As Bitcoin Moves Towards $6,000, The Case for an Imminent Bull Market Grows Stronger

The crypto markets have been incurring significant upwards momentum over the past month which was extended yesterday when Bitcoin (BTC) rapidly surged to highs of nearly $6,000 before it settled slightly lower.

This rapid upwards surge has further strengthened the case for an imminent bull run, as many technical indicators are now flashing bullish signals that have historically preceded long multi-year upwards trends that have previously laid the groundwork for BTC to surge parabolically.

Bitcoin (BTC) Drops to $5,900 After Failing to Break Above $6,000

At the time of writing, Bitcoin is trading up 3% at its current price of just below $5,900. Over a 24-hour period, BTC is up from lows in the $5,700 region, but is down slightly from highs that were set just below $6,000.

It does appear that $6,000 is in fact a level of resistance for the cryptocurrency, as Bitcoin has not yet been able to advance past this price level.

The recent upwards momentum has led to a massive shift in market sentiment that has led many traders to flip bullish, which has historically been a warning sign that a drop is imminent. Despite this, Mr. Anderson, a popular crypto trader on Twitter, recently spoke about this, noting that the market sentiment actually remains quite balanced at the moment.

“$BTC Fear & Greed (& Shorts). “Ppl are way too BULLISH!” They have been screaming that since $4100. Eventually, they will be right, but the data not shown this. Fear/Greed chart shows balance & SHORTS [continue] to be EXTREME. Avoid holding the last bag playing LTF’s w/ tight stops,” he explained.

Could the Next BTC Bull Market Already Be in its Early Phase?

The recent series of price surges in the crypto markets have put a significant amount of distance between most cryptocurrencies 2018 lows and their current prices.

Now, many technical indicators are signaling that Bitcoin could currently be in the early stages of the next bull market.

Josh Rager, a popular cryptocurrency trader on Twitter, spoke about one technical indicator that is currently flashing a bullish signal, noting that Bitcoin’s 3-day price just flipped over its 200-day EMA, which has historically been a bullish sign followed by multi-year uptrends.

“$BTC 3-Day Chart Bullish. Last bear market when the 3-Day Bitcoin price crossed above 200 EMA, it held as support & Guppy flipped green followed by a two-year uptrend. $BTC price just crossed above 200 EMA again. Waiting to see if Guppy flips green w/ possible retest of support,” Rager explained.

 

COLE PETERSEN | MAY 7, 2019 | 10:00 PM

Alan Zibluk Markethive Founding Member