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Bitcoin Pierces, Remains Above $8,000 Barrier as Rally Underway

Bitcoin Pierces, Remains Above ,000 Barrier as Rally Underway

After attacking the resistance levels of USD 8,000 for the third day in a row yesterday, Bitcoin bulls finally found some joy with a sustained push above that price level to trade now at USD 8,110 (8:10 am UTC, CoinDesk).

Almost as soon as Central European markets closed yesterday, Bitcoin price spiked from USD 8,013 to its 24-hour high of USD 8,249 in just under an hour as North American markets showed their voracious appetites. It is now 17 hours since Bitcoin last traded under USD 8,000, and if this can hold and survive the European markets today, it will be a full day above resistance, which will be a strong signal that a fresh rally not seen since May is underway.

Total market capitalization has also now reached USD 261 billion (CoinMarketCap) as the rest of crypto is seemingly buoyed by Bitcoin’s strength. Only Litecoin, Tether and Tezos in the Top 20 by market capitalization have lost valuation in the past 24 hours, although Litecoin has just enjoyed a new high in 2019.

One Litecoin analyst, James Viggiano, believes that this effect is predictable thanks to an upcoming halving event for the crypto expected in just under two months from now, in August. Viggiano also says the same should be expected for Bitcoin, whose halving is expected to be a year away in May 2020.

Just 2 months until the #litecoin $LTC block reward halving. It’s arguable whether LTC should have any value at all, but what we can observe is the price action of a predictably scarce digital asset when the rate of supply gets cut in half. Only 1 year until the #bitcoin halving. pic.twitter.com/fUjt8xBU5k

— James Viggiano (@jamesviggy) June 12, 2019

Regardless of a shaky start to the month, June does appear to be a good month to be holding Bitcoin, as there has only been one losing year (2014) in the past seven, if Bitcoin were bought in June, as demonstrated by the following chart:

The bitcoin price on June 12th each year pic.twitter.com/p3O0BhaNIF

— Bitcoin Charts (@ChartsBtc) June 12, 2019

With this most recent rally, Bitcoin bulls will be tempted to ask themselves: can they have enough in the tanks to go for another 2019 high?

 

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Bitcoin Finds Support at $7,300 as “Reaccumulation” Stage Kicks In

Bitcoin Finds Support at ,300 as

Bitcoin price ended the week on a slightly deflated note as it came down more than 20% of its 2019 high yesterday on a flash crash to as low as USD 6,300 before enjoying a strong recovery to current levels, finding support at USD 7,300 for the weekend.

Bitcoin bulls were not perturbed by the sudden slip from USD 8,000, however, with many now pointing to this as a so-called “reaccumulation” stage about to kick in for Bitcoin. This refers to a cyclical phase leading up to past Bitcoin bull runs, whereby a strong rally ends for a temporary pullback, allowing for more accumulation of Bitcoin at lower prices.

Bitcoin Market Sell Off, Reaccumulation Phase, Coinbase Expansion & World Economy Turmoil https://t.co/yUArrQH23C pic.twitter.com/niQpF1XVQD

— Finanças Digitais ₿ (@Finance__Future) May 17, 2019

In the early months of 2019, Bitcoin accumulation had been identified by many analysts, also a sign typically seen as a precursor to significant rallies in the past. For analysts such as Fundstrat, recent weakness in Bitcoin price only presents rare opportunities to enter the market at opportunistic levels, maximizing profitability when the eventual recovery begins.

As it stands, the fundamentals still look strong for Bitcoin, and any further dips from current levels will only prompt optimists to “buy the dip”.

here is the best advice you will ever get!, you guys are welcome to donate otherwise its free -> it reaccumulation time, buy the DIP. this is setting up, as past bull runs, as a build up to a mega Bull run EOY. this one will blow the last one out the water! don’t fear its coming!

— WarwolfZA (@Warrick90730509) May 17, 2019

Overall, cryptocurrency fundamentals, led by Bitcoin, continue to look impressive, with corporate giants slowly entering the fray and regulatory jurisdictions around the world warming up to the idea of a world where fiat coexists with Bitcoin.

 

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Bitcoin Settles at $8,000 As 40 Bull Days Wipe Out 235 Bear Days

Bitcoin Settles at ,000 As 40 Bull Days Wipe Out 235 Bear Days

Bitcoin’s relentless surge in the past few weeks finally showed some signs of letting up today during Asian trading hours, settling right now to around USD 8,000 (6.45am UTC) after breaking bold heights at above USD 8,350 less than 24 hours earlier (Coindesk).

Even without positive industry headlines or hype-driven investments pouring in, bullish Bitcoin trader Galaxy points to strong fundamentals driving this rally, noting that “235 days of bear market has already been erased in the last 40 days of bull”.

The large-scale price recovery is mental.

235 days of bear market already erased in the last 40 days of bull.

And this time without massive media coverage, ico craze or heavy dumb money flowing in.

Just pure fundamentals. #bitcoin pic.twitter.com/shv4fRPHIS

— Galaxy (@galaxyBTC) May 12, 2019

Several pushes to stay above the critical USD 8,000 range during US trading hours failed eventually, and Bitcoin slipped all the way down to USD 7,642, before Asian traders took over and made an impressive climb above USD 8,000, where it has stayed more or less for the past 12 hours.

Nevertheless, Bitcoin still managed to post a positive gain for the day and is now showing no signs of exhaustion despite the earlier retracement. The bulls will be eyeing another attack of the USD 8,300 resistance levels, and if that is broken then USD 8,500 and USD 8,800 stand in the way before the next serious obstacles leading up to a landmark USD 10,000.

Bitcoin News Bitcoin Market Analysis from 12 May still notes a lack of major trading volumes to suggest a stronger and more sustained rally, and the trend of how easy buyers seem to be able to push past major resistance levels continues to confound analysts.

 

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Bitcoin’s Price Grazes $8,000 Next 2019 Milestone $10,000?

Bitcoin's Price Grazes ,000 Next 2019 Milestone ,000?

Bitcoin’s price recently pierced through USD 8,000 for the first time since July 2018, could the bulls be trailing their steps back to USD 10,000 and beyond? Especially given that the first time Bitcoin hit USD 10,000 in November 2017, it had continued in an uptrend rally from around USD 6,000 and reached the hallmark within a month, similar to recent milestones.

Source: CoinMarketCap

As Bitcoin continues in a sustained uptrend for the most part of 2019, the months of April and May happen to stand out so far with as much as 55% gain in just 30 days. Overall, year-to-date price of Bitcoin has seen an upsurge of about 113%. The cryptocurrency market has seen as much as the addition of over USD 20 billion. Bitcoin currently trades along the edge of USD 8,000 as at press time.

 

Source: CoinMarketCap

Perhaps both the fundamentals and the technicals are on the sides of the bull trend, helping the flagship cryptocurrency crawl out of a prolonged bear market plague. Some analysts have pinned the onset of the bull run on such events as the next Bitcoin halving, Fidelity Investment’s recent announcement of its over-the-counter Bitcoin trading service to institutions, and likely spillovers from the US-China trade wars – as Head of International Fixed Income at National Alliance Securities Andy Brenner pointed out:

“If you were in China and you wanted to diversify, it would seem logical that Bitcoin would be a short term alternative.”

Although many onlookers are weary of the parabolic development of the price actions, however, there could be no better news for cryptocurrency hodlers – perhaps a few – who held out their breath to weather the fiery winter storm.

A few industry players have explained their side of the bull trend, with different entities coming forward to claim their role in the price surge. One of such is CEO of TRON Justin Sun, who claimed his Tweet about helping the recently hacked Binance exchange with the sum of USD 40 million USDT had reversed the slight downtrend from USD 5,900 to USD 5,700 upon news of the hack.

At least BitMEX CEO and Co-Founder Arthur Hayes thinks the bulls are here to stay, suggesting Bitfinex’s USD 1 billion raise in 10 days is enough evidence. He also recently celebrated a new trading volume record of over USD 10 billion in 24 hours.

A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!! https://t.co/4DaZ0fNtXe

— Arthur Hayes (@CryptoHayes) May 13, 2019

And he’s saying too bad to those who shorted: “When you mess with the bull you get the horns!!!”

Regardless of the claims, one plausible explanation to the recent price surge is that the market is seeing more buyers than sellers and hence with fewer sellers in the market and a steady increase in the demand for the asset, a price surge is a better incentive to sway sellers to let go of their Bitcoins. Would sellers cave-in or let the bulls ride a while longer?

 

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Bitcoin Marks 1st $1,000 Weekend Since 2017

Bitcoin Marks 1st ,000 Weekend Since 2017

After making an impressive 10% gains over late Friday into yesterday, Bitcoin continued to confound expectations over the weekend, pushing over key resistance levels at USD 7,000 to smash through new 2019 highs, settling at USD 7,400 and setting the first USD 1,000 weekend gain not seen since 2017.

The last time Bitcoin saw a price at this level was in August 2018, and is now trading at 130% gains since its 2019 lows in January. All this after a minor slump amid the New York Attorney General’s investigation into Bitfinex and Tether, Trump’s ongoing antagonistic stance with China on trade tariffs and a highly-publicized hack of USD 40 million in Bitcoin from crypto exchange Binance.

Based on conservative pricing from Bitstamp, all five members of the Bloomberg Galaxy Crypto Index are up more than 8% this weekend.

Intensifying trade tensions on late Friday, which are still expected to make their full impact on stock markets when Monday arrives, have resulted in unexpected interest flocking to the world’s most recognized cryptocurrency, leading in extended gains and milestones. Many are now believing that the bull market has finally arrived, but it remains to be seen if these past few weeks are sustainable past the panic of conventional markets.

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Bitcoin Heads to $6,000, Ethereum Jumps 11%, Bull Imminent

Bitcoin Heads to ,000, Ethereum Jumps 11%, Bull Imminent

Barely a week after recording new highs for the second consecutive month, Bitcoin made giant strides towards breaking the USD 6,000 resistance point in Asian trading hours today as it dragged the rest of the crypto market up towards a total capitalization of USD 190 billion.

Currently trading at USD 5,950, and recording over 55.8% dominance, Bitcoin is now flexing its muscles as traders ignore the ongoing scandals at Tether. Ether is the biggest gainer among the Top 30, recording an 11% jump to settle right now at USD 177.50.

Of the same Top 30 cryptocurrency by market capitalization, only Binance Coin (BNB), Basic Attention Token (BAT) and Tether (USDT) lost ground during the day.

The signs are now getting warmer for a significant rally, which could pave the way for a spring rally for crypto, should Bitcoin push past USD 6,000 and find a way to hold support above that point.

As with the more recent spikes and surges in Bitcoin price, this was somewhat unexpected, at least not so soon after recording a new 2019 high just four days ago. Given the ongoing litigation with Bitfinex, and the Trump administration’s seemingly antagonistic stance towards China, hinting at potential trade tariffs, it appears that the Bitcoin bulls no longer care about the bad news surrounding the industry and politics.

 

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