The latest cryptocurrency news are showing that the price of the most dominant cryptocurrency is still trading around the $7,500 level as the bullish breakout upends the bear market. This is a situation where we see a boring Bitcoin (BTC) – one which does not move in the needed direction and one that forces analysts to hold on to their losses.
However, a surprise bullish reversal took the markets $700 higher the previous day and as data shows, the BTC/USD pair came down slightly from the local highs at Wednesday at $7,640 to trade just over $7,500 at press time.
The largest cryptocurrency also took the traders unaware during the previous session and jumped from below $6,900 when many were prepared for further drops. So, the current boring Bitcoin is still in a good position and comes a long way from the recent near-$6,000 price movements.
Prior to this, pressure had been building up on Bitcoin after news emerged showing that the major South Korean exchange Upbit suffered a loss of funds worth over $50 million. This fresh run-up appeared to already impact the sentiment among traders. Well known social media analysts commented on the boring Bitcoin case and said that the mood had changed from shorting price decreases to long positions.
One analyst with a handle Rhythm summarized the Bitcoin movements in 2019 and said:
“Earlier this year, bitcoin went from $4,000 to $14,000 in less than three months. But one pullback, and everyone forgets.”
Despite the negative price action, the Bitcoin news updates today show that the cryptocurrency is still holding on well. However, it did not manage to breach the $10,000 level which was expected for this month.
Currently, the boring Bitcoin is said to break out in the near future and probably test the $10,000 region this year. If that happens, analysts would be lucky and can see a bullish potential in the most dominant cryptocurrency once again.
Today, we can see reds all over the market but with a maximum of 1% for most coins and a negative drop of 1.64% for Binance Coin (BNB). On the other hand, a major gainer on the day is Cardano (ADA) with a 5.20% rise. The total cryptocurrency market cap managed to go above $200 billion and is at $204 billion at press time.
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