The majority of BTC traders and investors secretly hoped that the Bitcoin price corrected up to $ 6,000 or less. This would give ample opportunity to accumulate for a bigger bull race later this year. Their hopes were dashed this Sunday morning when Bitcoin jumped again during the Asian trade.
Bitcoin price Sunday 9% increase
For the better part of the day, the Bitcoin prize 00 remained in the range of $ 7,250 to $ 7,400. He left the channel a few hours ago during the Asian session and jumped 9% to $ 7,920, according to Coinmarketcap.com. The daily volume had halved in the last few days but had already begun to rise this morning.
Yesterday again, it appeared that Bitcoin was taking a break, probably about to return to the main support areas. A number of renowned analysts were considering a possible retracement of $ 6,400 or less. At the time of writing this article, it seems unlikely, as bulls have regained control of the markets.
CNBC was quite mistaken, as usual, by publishing a chart showing an imminent fall. The counter-trading indicator did not escape those of crypto twitter. Josh Rager, analyst of the cryptography market on Twitter, wrote:
.CNBC calls head and shoulders … And I really wanted to buy the trough up to $ 6. Was a clear counter indicator that Bitcoin starts to pump.
The next move for BTC should be again above $ 8,000, with a huge resistance at $ 8,200, level reached during the week. rage added that a close above this price on the daily / weekly would be very optimistic, the next goals to be greater than $ 9,000. He added $ 9,600;
There will be resistance along the way and could take more than a few days even though the day / week closes at over $ 8,216. The weekly volume seems incredible.
$ BTC – Weekly table
To clarify, why is $ 9,600 because it's from a point of view drawn from higher time charts
There will be resistance along the way and could take more than a few days even if the day / week closes at over $ 8216
The weekly volume seems incredible pic.twitter.com/6xM6zmwrd9
– Josh Rager ? (@Josh_Rager) May 19, 2019
18 billion dollars added to the crypto cap
The rise of Bitcoin on Sunday has resulted in the addition of more than $ 18 billion to the market capitalization of crypto, from an intraday trough of $ 228 billion to $ 246 billion.
Total market capitalization remained above $ 200 billion in the last seven days. This is the first time since early November that this has happened.
As a result, altcoins are in the green for the moment with significant gains of more than 7% for Bitcoin Cash, Binance Coin and Dash. Ethereum, EOS, Litecoin, Stellar, Monero and IOTA all earn more than 4% at the time of writing this article.
Will Bitcoin reach $ 9,600 or will it bounce back against $ 8,200 resistance? Add your thoughts below.
Images via Shutterstock, Coinmarketcap.com