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Following Bullish Sentiments: Price of Bitcoin Eyes $7,000, Global Markets Green

While it may be premature, many are suggesting that a true reversal is finally taking place. As Bitcoin establishes higher lows, and more and more altcoins are seeing huge appreciations, there seems to be evidence to suggest the bears are being driven out. Coupled with abundant, positive news recently, it’s possible that the extended red will soon turn green.

Last week, Bitcoin (BTC) held support at US$6,600. More recently, floors were established at $6,700, and days later $6,800. Today, Bitcoin is holding above the $6,900 mark, and is gradually pushing towards a renewed support at $7,000. This growth has been seen directly following news that the multi-billionaire Rockefeller family plans to invest in cryptocurrency. Controversial globalist billionaire, George Soros, has also announced his plans to invest in crypto.

Far more exciting than Bitcoin is the price movements of altcoins recently. The global cryptocurrency market capitalization has risen from below US$260 billion to above $270 billion in the past day, a growth of about 5%. This growth directly follows the news that the European Commission of the EU announces plan to invest €300 million in blockchain projects as part of its recently launched EU Blockchain Observatory and Forum. Speculators suggest that European-focused Ambrosus (AMB) could be one of the projects largely supported by this initiative. The “supply chain 2.0” is presenting alongside members of EU Parliament and the European Commission later this month.

Of the top 100 currencies by market cap, 92 have seen growth in the past 24 hours. 10 of these coins have seen appreciation of over 10%, led by EOS with a 27% growth in the past day. With the exception of one, the coins that have seen loss have only recorded losses of under 4%. The exception is Verge (XVG) which has depreciated by close to 9% since yesterday.

The last major obstacle, many suggest, is the potential for last year’s winners to liquidate cryptocurrency to pay US taxes before April 17. With under a week left, it’s likely that most liquidations have already been made. Furthermore, the adoption of powerhouse investors suggests that now truly is the time when a reversal will finally take place.

Last April marked the precursor to 2017’s massive growth. Global crypto markets quadrupled between the start of April to the first week of June, and, as we know, continued to explode for much of the rest of the year. As was also the case last year, a significant growth in volume is also likely with the start of summer, as many of the college aged crypto enthusiasts become significantly more active during breaks from school. With an increase in volume, a similar increase in price is to be expected.

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Bitcoin Price Watch: Price Falls, but Trends Remain High

At press time, the father of crypto has dropped by roughly $100 and is trading for approximately $6,680. Overall, this has been a relatively positive week for the master of cryptocurrencies. While the price may be down for the time being, the asset did manage to retain its $6,700 price range for several days. This is big news considering how often the currency has dropped to the low $6,000s following a small bull run. In addition, analysts do expect it to clear the $6,800 resistance line by next week, so enthusiasts have a lot to look forward to. From a legislative point of view, bitcoin may be trapped in limbo. As we reported yesterday, the Securities and Exchange Commission (SEC) has decided to postpone its decision regarding the approval of a potentially new bitcoin ETF from the VanEck SolidX Bitcoin Trust. The decision had originally been moved to September 30, next weekend to be exact, but has since been “relocated” to late December. The good news, however, is that the SEC is taking time to fully understand the project and the circumstances at hand before rendering a “yes” or “no” answer. They haven’t responded in the negative; they are simply looking for additional commentary from industry experts to make sure the ETF has traders’ best interests in mind. This is a good thing, and a decision postponement should not be what causes interest to die down. Bitcoin has managed to remain in the high $6,000 range despite this news, which shows further evidence of growing maturity. However, it does appear to be moving in a “sideways” direction. Though its avoiding bearish pullback, trading in Asia ultimately saw very little action on Sunday morning. This behavior was repeated in Eastern Europe, and its present price is believed to be the result of actions by long-position traders. Overall, trends suggest that the price is going to continue moving upward – at least for now – though movement could be slower than investors might like thanks to hardcore resistance levels bitcoin will probably encounter in its upcoming ascension. If bitcoin can surpass its present resistance, we could wind up witnessing $7,000 once again. However, if bitcoin were to fall below current support levels, the entity may find itself trapped at $6,500. In a recent discussion regarding bitcoin and the technology behind it, venture capitalist Tim Draper explained: “It’s so important for everyone. This is the beginning of something that’s bigger than the internet ever was. The internet went after information, communication, gaming and entertainment. They are all $10 billion to $100 billion-dollar industries. Maybe [one or two are] trillion-dollar industries.” Bitcoin Charts by TradingView The post Bitcoin Price Watch: Price Falls, but Trends Remain High appeared first on NullTX.

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