Connect with us

Bitcoin

Bitcoin [BTC] faces tough decision as market sentiment shows positive signs

Avatar

Published

on

Bitcoin [BTC] faces a tough decision, while sentiment shows positive sign
Source: Pixabay

Bitcoin has been showing positive signs since the beginning of 2019, and institutions are gearing up to cash in on the coin, regardless of a dump in prices. The Bitcoin ecosystem saw quite a few developments recently, including the creation of a liquid index by Nasdaq, and Bakkt’s partnership with Starbucks.

Even with all these developments, Bitcoin’s price seems to be facing major resistance at $4,000. However, data from The Tie regarding market sentiment and market cap suggested an interesting correlation.

Source: The Tie

During its all-time high, the price of Bitcoin was led by sentiment, which can be clearly seen in the chart above. In December 2017, its price shot up while the sentiment was negative; the price followed the sentiment and it crashed.

Since 2017, the price has closely followed the sentiment; the rising sentiment for Bitcoin has started to decline. However, the sentiment has changed from a negative stance to a positive one, between January and February.

Further, the 30-day average of Bitcoin’s market cap also exhibited an increase from -0.05 to +0.29.  However, for the price of Bitcoin to rise and breach the $4,000 point, the sentiment must also increase. Contrarily, if sentiment falls, Bitcoin’s price will decline.

The Tie tweeted,



“If average daily sentiment score remains at its current level or increases price growth is expected, if it continues to drop we anticipate price reverting a bit. Despite Bitcoin experiencing resistance around $4K it appears that traders are still growing increasingly positive”

The seven-day chart of Price vs Sentiment vs Tweet volume can be seen below. It suggests that market sentiment is increasing, even as the price remains constant.

Source: The Tie

The tweet volume saw a downtrend on March 11, 2019, but it has since caught up to its original level. This means that Bitcoin is in a safe place for now.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

Avatar

Published

on

Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending