By : Overnight, in merely minutes, the climbed from $8,000 to $8,600, unexpectedly recording a 7.4% increase on the day.
The price has surged by $600 in minutes, spiking from $8,000 to $8,600 in a short time frame. | Source: CoinMarketCap
Prior to the run of , technical analysts generally anticipated the dominant to see a pullback following its 100% year-to-date gain against the U.S. dollar.
At $8,600, the price is now less than 57% down from its all-time high and is up 132% since January, within six months.
Can’t wait for the Asian session.
— Mati Greenspan (@MatiGreenspan)
Strong Momentum Is Fueling the bitcoin Market
Earlier this month, the price briefly dropped to $6,400 triggered by the abrupt sell-off of 5,000 on Bitstamp which triggered contracts on BitMEX to become liquidated. Some analysts said that a large pullback for could be due, possibly to the $4,000 region.
However, speaking to CCN in an exclusive interview, a trader who is known as “Satoshi Flipper” said he does not foresee a 30% retracement back to the $4,000 region. Rather, he said that the retracement will likely be 10% at most as it stabilizes above key support levels.
The trader at the time:
“I’ve been definitely vocal about a retrace, but I do not believe it will be a drastic 30% retrace back into the $4k’s. Once we form a local top, I believe we will [drop] 10% at the most, then settle down sideways.
“That is when we’ll have a real season that everyone is expecting. Upon the immediate retrace, will take a small hit, but then when settles down sideways, will rebound in a huge way.”
Since then, despite the 18% drop of on May 17, has rebounded to $8,600 supplemented with a substantial increase in volume, demonstrating a significant increase in momentum.
The “real 10” volume of estimates the legitimate daily spot volume of by calculating the volume of the asset on exchanges that have verifiable volume based on the research of Bitwise Asset Management. That volume has consistently remained above $1 billion throughout May.
In contrast, the daily volume of in early March was at around $270 million.
4/ Total daily spot volume is about $270M—95% less than reported.
— Bitwise (@BitwiseInvest)
As the sentiment around the market improves, technical analysts have said that $9,000 remains a realistic target for in the near-term while venture capital investors expect the strong rally to continue in the medium to long-term.
: Goodbye meme triangle, hello $9k+ targets
Some people were screaming triple top when the more obvious conclusion is retest after restest of resistance will finally lead to a break to the upside
could cool off, run sideways but IMO will continue to move up over $9k
— Josh Rager 📈 (@Josh_Rager)
$28,000 in play?
, the host of Keiser Report on RT and an early-stage investor in various companies, has said that $28,000 for is in play following its rally above $8,600.
There’s very little supply between here and new ATH.
$28,000 still in play.
— Max Keiser, tweet poet. (@maxkeiser)
On May 21, Alex Krüger, a global markets analyst, emphasized that is facing a key resistance level at $8,500 and once that level is broken, the next resistance is found at $10,000.
levels
Support: 7600, 7200, 6800, 6400, 6200, 6000, 5750-5500, 5000.
Resistance: 8400-8500, 10000, 11500-11750, 13000, 15000, 17400, 20000, moon.
— Alex Krüger (@krugermacro)
If the price continues to sustain its momentum as it enters the $9,000 region, traders may look toward the $10,000 mark, which historically has been an important psychological level for investors.
Potential near-term catalysts for the crypto market includes the opening of the CME futures market on Monday and the noticeable increase in the volume of major crypto assets.
Published at Sun, 26 May 2019 23:05:12 +0000
