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Bitcoin Fights Off Selling Pressure to Climb Above $7,800

Bitcoin Fights Off Selling Pressure to Climb Above ,800

After yesterday’s failure to keep up a push towards an important resistance level at USD 8,000, Bitcoin bulls fought off intense selling pressure to move a few steps ahead from support levels at USD 7,600 to end today in Asian markets at a respectable USD 7,820 (CoinDesk, 6:30am UTC).

The 2% gains over the last 24 hours concealed a fightback from a USD 7,478 low to a USD 7,973 high that happened almost as soon as Japan took over from North American markets, proving once more than the bulls were playing in Asia.

This improvement came on the back of late revelations yesterday from the US Commodity and Futures Trading Commission (US CFTC) that institutional investors had gone all-in on long Bitcoin futures as of 14 May 2019. It was, for many, a huge sign of confidence from Wall Street money that Bitcoin’s outlook for the long term had not looked any less bullish in the past week.

Most analyses in the past 24 hours on social media agrees: that the long term trend is still positive.

The momentum for #bitcoin looks to be slowly tapering off on the daily chart.
All momentum indicators are pointing down but the trend is still to the upside. The next price target for $BTC is $8,000 then $8,600; support: $7670. pic.twitter.com/uPmcECdz8k

— PriceAnalyses.com (@price_analyses) May 24, 2019

Startup founder Erik Voorhees also Tweeted, referencing a Tweet eight years ago in 2011, when a man urged people to invest their life savings into Bitcoin at the then-peak of USD 31. Price later declined to below 10% of the peak to USD 2. Voorhees reminded that we could be in the same phase right now.

This guy looks like genius now, but this tweet was almost exactly the 2011 peak of $31. Price declined for a year down to $2 and stayed there for months. Bitcoin was “dead.” Even those who acted on this tweet would’ve sold soon thereafter, bitter and angry. Hodl is a discipline. https://t.co/EZrhLWl1Ae

— Erik Voorhees (@ErikVoorhees) May 24, 2019

 

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