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Despite the increased increasing pressures that have temporarily jeopardized the upward momentum of Bitcoin, cryptocurrency has continued to climb and is now approaching the low cost region (US $ 8,000), the moment when BTC suffered a few days ago.
Now, analysts believe that Bitcoin could contain more fuel, which would allow it to reach $ 10,000 in the near future, which would be an important technical move for cryptocurrency.
Bitcoin (BTC) close to $ 8,000 … again …
At the time of writing, Bitcoin is trading up nearly 8% at its current price of $ 7,915, a significant increase from the low of 7 hours ($ 7,250).
Over a period of one week, BTC experienced some price fluctuation, rising from a low of $ 6,800 to a high of $ 8,300 before returning below $ 7,000. Since it dropped below $ 7,000, Bitcoin has been able to create increased buying pressure allowing it to continue its ascent.
The recent series of upward movements has resulted in a dramatic change in sentiment in the markets, with many analysts and traders currently expressing an extremely optimistic view of aggregated cryptography markets.
Joseph Young, a well-known figure in the cryptocurrency sector, told his more than 100,000 followers that BTC's quick turnaround to $ 8,000, despite the recent downturn, is testament to the positive market atmosphere.
"On May 17th, Bitcoin dropped to $ 6,400 following a 5,000 BTC sell order on Bitstamp that resulted in massive liquidations of BitMEX. A rapid recovery to US $ 8,000 is indicative of the currently positive attitude of the market. "
On May 17, Bitcoin had dropped to $ 6,400, following a 5,000 BTC sell order on Bitstamp, which had resulted in massive liquidations of BitMEX.
A rapid recovery to US $ 8,000 is indicative of the currently positive attitude of the market.
– Joseph Young (@iamjosephyoung) May 19, 2019
Analyst: BTC could win $ 10,000
Although most analysts and investors are currently optimistic about the markets, we still do not know where Bitcoin will progress before generating enough resistance to stop its progress.
Crypto Rand, a popular cryptocurrency analyst on Twitter, said in a recent tweet that he thought this rising momentum would drive cryptocurrency to the coveted level of $ 10,000.
"Bitcoins are heating up for $ 10,000," he told his supporters.
#Bitcoin heat for $ 10K pic.twitter.com/34jIuCocJY
– Crypto Rand (@crypto_rand) May 19, 2019
At the end of the weekend and the beginning of the new week, traders will better understand if the current rally really has the merits of a bullish race at an early stage or whether it is necessary to continue the consolidation.
Selected image of Shutterstock.
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