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bitcoin price skyrockets
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Crypto Markets Surge $18 Billion as Bitcoin Heads Back to $8K

Martin Young by Martin Young
4 years ago
in Markets and Prices, Bitcoin, Bitcoin Price, News, News teaser
0
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The majority of BTC traders and investors were secretly hoping that Bitcoin price would correct all the way back down to $6k or lower. This would provide ample opportunity to accumulate for a bigger bull run later this year. Their hopes have been dashed this Sunday morning as Bitcoin surged again during Asian trading.


Bitcoin Price Sunday Surge of 9%

For the best part of the past day, Bitcoin price [coin_price] has remained range-bound between $7,250 and $7,400. It broke out of this channel a couple of hours ago during the Asian session and surged 9 percent to hit $7,920 according to Coinmarketcap.com. Daily volume had trailed off by half over the past few days but had already started to ramp up this morning.

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Just yesterday it appeared that Bitcoin was taking a breather, possibly poised to drop back to major support zones. A number of prominent analysts were eyeing $6,400 or lower for a possible retracement. At the time of writing, this looks unlikely as the bulls have taken control of the markets again.

CNBC got it completely wrong as usual by posting a head and shoulders chart implying that a big drop was imminent. The counter trading indicator did not go unnoticed by those on crypto twitter. Twitter crypto market analyst, Josh Rager, wrote:

.CNBC calling head & shoulders… And I really wanted to buy the dip down to low to mid $6ks. Was a clear counter indicator as Bitcoin is starting to pump.

The next move for BTC is likely to be above $8,000 again with huge resistance at $8,200 where it reached during the week. Rager added that a close above this price on the daily/weekly would be very bullish with the next targets being upwards of $9,000. He specified $9,600 adding;

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There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216. Weekly volume looks amazing.

$BTC – Weekly Chart

To clarify, why $9600 is because this is viewpoint from higher time frame charts

There will be resistance along the way and could take more than a few days even if the daily/weekly closes above $8216

Weekly volume looks amazing pic.twitter.com/6xM6zmwrd9

— Josh Rager ? (@Josh_Rager) May 19, 2019

$18 Billion Added to Crypto Cap

Bitcoin’s Sunday surge has resulted in over $18 billion being added to crypto market capitalization as it pumps from an intraday low of $228 billion to $246 billion.

Total market cap 24 hours – Coinmarketcap.com

Total market cap has remained over $200 billion for the past seven days. It is the first time since early November that this has happened.

As a result, the altcoins are all in the green at the moment with big gains of over 7 percent for Bitcoin Cash, Binance Coin, and Dash. Ethereum, EOS, Litecoin, Stellar, Monero, and IOTA are all making over 4 percent at the time of writing.

Is Bitcoin going to $9,600 or will it bounce off resistance at $8,200? Add your thoughts below.


Images via Shutterstock, Coinmarketcap.com

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Martin Young

Martin Young

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

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