After the strong move last Thursday, the leading cryptocurrency is now stable at $6,583, correcting after yesterday’s surge. Yesterday’s rally to over $6,800, however, ensured that the crucial EMA support remains intact at $6,200 which is an increased support line for the most dominant cryptocurrency.
At press time, Bitcoin can be bought for $6,730 on Bitfinex, clocking a high of $7,788 yesterday. The 21-month EMA is located at $6,160 as well. In other words, this means that the bear market may have run its course – as prices are trading above the 21-month EMA for Bitcoin.
However, a bullish reversal is still possible as we have seen before, even despite the crucial EMA support and its (encouraging) surge. Some analysts even predicted a Bitcoin price surge in early 2019, which will be mostly driven by the EMA support factor as well as the bearish continuation which will apparently break at some point, according to the analysts.
All in all, it is safe to say that Bitcoin (BTC) is the most popular – and largest – cryptocurrency, which has risen 150,000% from its introduction back in July 2010.
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
Bloomberg Analysts Expect Bitcoin’s Price To Spike Past $10,000
“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
Bitcoin Faced The Largest Price Drop Of 2019 Despite Slight Increase
Boring Bitcoin: BTC Still At $7,500 With No Sign Of Upswing
“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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