Following a return to resistance at $8k, Bitcoin price is clearly not ready to correct just yet. A few hours ago during Asian trading, BTC surged to its highest price since May last year. The move has lifted the entire cryptocurrency market up to a ten-month high.
Bitcoin Price Pumps 13%
Bitcoin (BTC) recorded a high of $8,938 for Bitcoin a couple of hours ago. BTC price 00 has not been at this price since early May 2018 according to the trading website.
Today’s 13 percent pump has seen the daddy of digital assets lift off from its low for the day of $7,890 to the new high before returning to $8,735 where it currently trades. Bitcoin at $10k could be on the cards if the trend continues.
Just recently, Bitcoinist reported Wall Street veteran Max Keiser saying that Bitcoin price was ‘coiling up’ for a big move to five digits, which now appears to be playing out.
BTC price 1hr candles – Tradingview.com
The massive one hour candle is a repeat of the surge to $8k which happened two weeks ago. It also happened last Sunday when Bitcoin failed to correct very far and bounced back from $7k.
Looking at its next move has preoccupied traders and analysts of the past couple of hours. A trader going by the handle ‘CryptoFibonacci’ foretells of a return to the moving averages at some stage.
The only thing I dont like is that it is getting way too far away from the supporting ema’s. So, I would recommend profit taking into this run up. Just my opinion. Still very bullish, but at some point we rested those underlying ema’s.
He added that there is no major resistance until the mid $9,000s, following it up with “Ok, after 9500-9600 area is hit, shorts will have their day in the sun.”
There is likely to be a lot of profit taking above $9k so a BTC price fallback to $8k or below is highly likely. Gone are the days when analysts were predicting a massive correction of over 30% but that is not to say that it will not come – it has before several times.
Crypto Market Soars By $25 Billion in Hours
As Bitcoin plays the digital pied piper the altcoins also got a boost in a cycle that we have seen hundreds of times. Total crypto cap surged from $247 billion to a high of $272 billion in an epic $25 billion pump, one of the largest this year. Daily volume has pumped by 50 percent also as it approaches $90 billion.
Altcoins on fire during Asian trading this morning include Bitcoin Cash adding 9 percent to reach $440. Litecoin is still going from its weekend surge to add a further 11 percent today to hit $115. EOS is 9 percent higher on the day as it approaches $7. Also going strong at the moment is Tron, Bitcoin SV, and BitTorrent Token.
Will Bitcoin hit $10k or correct first? Add your thoughts below.
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Post written by our friend Martin Young
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