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Bitcoin Price Jumps by $900 Because This is Crypto

Positive surprises are not all that easy to come by in the world of Bitcoin and cryptocurrency. This is especially true when it comes to the Bitcoin price, which is often making headlines for all of the wrong reasons. For some unknown reason, the Bitcoin price is rebounding pretty strongly in the past handful of hours. As such, we are now looking at a value of $7,769 for the first time in nearly two weeks.

The Bitcoin Price may Have a Solid Run

Throughout most of 2018, there has been no positive Bitcoin price momentum whatsoever. Most of the time has been spent catching a falling knife, as the value continued to decline pretty quickly for several months on end. Although we now have an uptrend in place, it is evident there is still a long way to go until this can effectively become a solid reversal. As of right now, we are looking at a net 13.33% gain in value.

While that is rather impressive for many different reasons, it is also a worrisome sign. Considering how the Bitcoin price is bouncing back in vertical fashion, one has to consider how this trend will evolve. It is due time the value per BTC goes up again, but sudden spikes like this one will effectively result in a steep correction at some point as well. Given the correction we have had in the Bitcoin industry throughout this year, it is possible things will get pretty ugly in the months to come.

Even so, the 13.33% decline seems to come up with all kinds of momentum. Not only will it fuel more interest in Bitcoin trading, it is also pushing the Bitcoin Dominance Index back above 43.7%. Although there’s a lot more to cryptocurrency than just Bitcoin, it is evident all other currencies need the world’s leading cryptocurrency to go up in value as of right now.

The Bitcoin trading volume is also – finally – showing some signs of life again. After a few days of being stuck around $4bn, it is now back to $7.32bn where it belongs. While this is still well below the volume most people would like to see, it does indicate the demand for Bitcoin has not necessarily slowed down over the past few weeks.

This increased trading volume does not originate from just one exchange, by the look of things. More specifically, Bitfinex is still dominating the market, as it has always done. OKEx is claiming the second spot, with Binance in third and fourth position. Upbit closes to the top five, which means we have just two fiat currency pairs in the top 10. The two USDT pairs are also interesting to keep an eye on. Surprisingly enough, Upbit’s Bitcoin price is $300 lower compared to the West.

How all of this will play out for the Bitcoin price, remains to be determined. While one can appreciate the current spike, it may not last all that long, depending on how the market responds. A lot of people will take quick profits after buying in at $6m500, which is only to be expected. Even so, there are a lot more people waiting for the Bitcoin price to return to $12,000 and more just to break even.

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Bitcoin Cash (BCH) Price Watch: Ready for Uptrend Confirmation?

Bitcoin Cash Price Key Highlights Bitcoin Cash also formed a double bottom reversal pattern and appears to be inching past the neckline. In that case, this could confirm that bulls are back in the game and ready to take price much higher from here. Technical indicators are still reflecting the presence of bearish pressure, though. Bitcoin Cash is attempting to break past the neckline of its reversal pattern to signal that an uptrend is in the cards. Technical Indicators Signals The 100 SMA is still below the longer-term 200 SMA on this time frame to indicate that the path of least resistance is to the downside. In other words, there’s a good chance that the downtrend might still be able to resume. Then again, the gap between the moving averages has narrowed enough to suggest that a bullish crossover is imminent. Once that happens, more buyers could rush in and sustain the climb. The chart pattern spans around $650 to $800 so the resulting rally could be of the same height. However, RSI is already hovering at overbought levels to indicate that buyers are feeling exhausted at this point. Similarly stochastic is indicating overbought conditions and could be ready to turn south, so Bitcoin Cash price might follow suit. BCHUSD Chart from TradingView Market Factors Cryptocurrencies like Bitcoin Cash price drew strong support from news that institutional investors are looking into the space. Most notably, BlackRock reportedly formed a team to look into investments in the space, and confirmation early this week allowed rallies to resume. This could continue to support investors’ optimistic views that a rebound could ensue in the industry after a rough second quarter. Traders are also noting the regulatory developments in South Korea as a reason to see more legitimacy and security in the industry. The post Bitcoin Cash (BCH) Price Watch: Ready for Uptrend Confirmation? appeared first on NewsBTC.

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