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Bitcoin’s parabolic surge causes price to hit $7,000; is this the new bull run everybody was waiting for?

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Source: Pixabay

Bitcoin’s rally in the past 10 hours is nothing short of a miracle, as it has pumped by 11% in over 10 hours, causing the price to surge from $6,200 to $7,000.

The market cap of Bitcoin has reached $125 billion and its dominance has hit 58% after the prices hit a new high of $7099. The 24-hour price change has caused Bitcoin to reach 11%.

Hourly Timeframe

At press time, the one-hour chart of Bitcoin showed a small correction in play after hit a high of $7,464. However, the price was currently at $7,132.

Source:: TradingView

Weekly Timeframe

Source:: TradingView

The price of Bitcoin on a weekly timeframe the price of Bitcoin had briefly touched the August 2018 highs for the first time. On this time frame, Bitcoin is in the resistance zone that extends from $$7,390 to $5,791; if the weekly close, which is on May 13, closes above $7,390, it would be a massive bullish signal for Bitcoin.

The sudden surge has definitely caught everyone by a surprise and there are quite a few people who believe that this could be the bull run; however, some are under the belief that this is a short squeeze that will be exhausted soon.

Justin Sun, the founder and CEO, of Tron, tweeted:



CZ, the founder and CEO, of Binance, tweeted:

Although the CZ’s tweet showed a bullish bias on Bitcoin’s move, it was deleted a few minutes after later. Bitcoin’s surge is staggering as it has risen by approximately 114% since the start of 2019 and more than 80% of the rise took place in under 50 days.





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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 [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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