Čvn 22

Bitcoin Smashes $10,000; Eyes Next Target of $11,700

Only yesterday Bitcoin bulls were triumphant that the king of crypto had broken resistance and was heading for five figures again. A few hours ago BTC made it to $10k but it didn’t just stop and hold there. A surge of over 10% took Bitcoin to over $10,900 during the Asian trading session this morning.


As reported by Bitcoinist yesterday, the likelihood of BTC reaching $10k within the next 24 hours was strong. A few hours ago Bitcoin lifted off from around $9,900 to surge 10%, or a thousand dollars, in just a couple of hours. According to Tradingview.com it topped out at $10,900, its highest price since March 2018. At the time of writing the hourly candle had yet to close and BTC was trading at 00.

bitcoin

BTC price, hourly – Tradingview.com

Daily volume has cranked up to $23 billion as Bitcoin market cap approached $200 billion. The epic move has reduced the gap to all-time high to 45.5%. Additionally BTC dominance is now over 59% as the altcoins get eaten alive.

PSYCHOLOGICAL AND TECHNICAL RESISTANCE OBLITERATED

Now that both psychological and technical resistance at $10k has been smashed, traders and analysts are scouring the charts for the next resting point for BTC. This appears to be around $11,700 and there is not much but thin air from there all the way up to $16k.

Josh Rager, who noted yesterday that there may be a fair bit of profit taking once BTC hit $10k, has changed his tune a little today adding:

“If you like $BTC at $10k than you’re really going to love when BTC closes above $11,700… And resumes running through every resistance in its path to new all-time highs. Nothing sensational about this just look at the chart. Little will stand in the way besides profit taking,”

BITCOIN FOMO HAS KICKED IN

Major mainstream media is going to be all over $10k Bitcoin which is likely to induce a wave of fomo similar to that seen in 2017. Fundstrat’s Tom Lee was right when he predicted this yesterday, as it has just played out on the charts over the past couple of hours.

The big move this Saturday morning has lifted total crypto market capitalization over $320 billion. Ethereum is getting a lift on the tails of its big brother, breaking $300 for the first time in ten months. The rest of the altcoins are getting slowly dragged up but Bitcoin is the only one in the top fifty making double digits today, and it does not look like slowing down.

Will Bitcoin price reach $11,700 this weekend? Add your thoughts below.


Images courtesy of Shutterstock, @fundstrat, tradingview.com

The Rundown

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Čvn 05

Bitcoin Price Closer Than Ever to $600 as Bull Run Continues

Source: bitcoin

Bull Market Bitcoin

Bitcoin has done it again. In just a matter of days, the world’s favorite virtual currency has shot up in price by another $40 USD and is now hovering at around the $579 USD range at press time.

Also read: Bitcoin Price Finds Stability After Massive Bull Rally

Bitcoin Continues to Rise

As several fans and analysts proclaim, this rally is undoubtedly huge, and could likely spark a whole new era for bitcoin and digital currency. We are now just around the corner from $600 USD, and many feel that bitcoin could easily reach $680 USD within the coming weeks.

Initial reports claim that 2016 is fast becoming “bitcoin’s year.” According to blockchain.info, the currency has added approximately $1.2 billion USD to its growing market cap, and the recent drop in Ethereum to USD trading may have a lot to do with its rising stance. Bitcoin is now at  its highest in almost two years, and things are still looking up.

Despite the good news, however, some are arguing that traders should remain cautious.

As one source explains, data is suggesting that bitcoin may indeed be reaching the end of its present price spike and that the “price has not yet left the area of recent correction.” This means that bitcoin’s price is not presently showing clear signs that it will be moving forward again right away.

Furthermore, it is stated that investors should wait a little longer before throwing themselves and their funds directly into the growing bitcoin bin:

“The bitcoin price is pushing higher, but speculators should be cautious of the current position of price… The current risk is that today’s surge could only be an ending component.”

While words of caution like these should always be considered, it’s a little difficult to believe fully that things will end where they are. Such words have been thrown into the open air since bitcoin began its initial ascension last November, and it has remained relatively tight since then.

Sure, there have been a few blunders along the way — $15 here or $10 there — but bitcoin always manages to pull itself back together, and the loyalty of its fans has been repaid more often than not in recent months.

Some words of advice – don’t confuse caution with fear. Sitting around and doing nothing while others take action and reap the rewards is no way to live. That said, perhaps rushing in head-first isn’t exactly the best approach either. Give yourself time, and see about exploring ways around any possibly dangerous zones.

Will we hit $680? Post your thoughts and comments below!


Images courtesy of Globe Advisor, Bitcoinist.net.

The post Bitcoin Price Closer Than Ever to $600 as Bull Run Continues appeared first on Bitcoinist.net.

Bitcoin Price Closer Than Ever to 0 as Bull Run Continues

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