Breaking: Bitcoin [BTC] Surges 10% As Crypto Market Experiences Volume Influx

Breaking: Bitcoin [BTC] Surges 10% As Crypto Market Experiences Volume Influx

Bitcoin Moves From $6,800 to $7,400 Within 30 Minutes

On early Tuesday morning, Bitcoin began a slow uptrend up to the heavily contested $6,800 price level. For those who are unaware, Bitcoin has tested the ~$6,800 level over three times in the past five weeks, leading many analysts to believe that it is an important resistance level.

Upon reaching $6,800 not one hour ago, Bitcoin immediately broke out, seeing an influx of volume as Bitcoin began passing through $6.8k, $6.9k and $7k as if there was no resistance was present. Bitcoin eventually reached $7,200, and stumbled around that price level for twenty minutes.

However, it quickly became apparent that Bitcoin was painting a short-term bull flag at the ~$7,200 price level, as prices converged.

Eventually, Bitcoin saw a secondary volume influx, moving from $7,200 to $7,400 very rapidly.   As of the time of press, Bitcoin has currently found a home at approximately $7,400, not moving too far upwards or downwards.

As Normal, Altcoins Follow Bitcoin 

Altcoins have notoriously followed Bitcoin for most of their lifecycles, with the collective value of cryptocurrencies often posting similar percentage gains in comparison with the world’s most prominent crypto asset.

So as normal, Altcoins have followed Bitcoin in this most run-up, albeit posting not as substantial gains as 10%. Ethereum saw a 7% rise, while XRP and Bitcoin Cash saw 8.5% gains.

Volume Rises To Two-Month Highs 

With this most recent surge, the collective volume seen in the cryptocurrency has risen to two-month highs, with a $16 billion daily volume figure not being seen since May 16th, almost exactly two months ago.

Volume has historically been an indicator of the interest in which investors hold in the market, so this large increase in volume is an optimistic sign for sure.

Lack Of Single Catalyst?

It is unlikely that there was a single catalyst event that triggered this mini-run, as yesterday’s announcement of investment giant BlackRock was not correlated with Bitcoin’s positive price gain.

However, it is likely that strong technical indicators, coupled with a string of positive news in the industry may have signaled this price bump. The list of recently-announced positive news is as follows:

BlackRock announces crypto team to investigate this nascent industry
Coinbase is looking into adding five altcoins
Coinbase gets go-ahead from U.S. regulators to list cryptos deemed securities by the SEC
Bitpay Receives 10th BitLicense from New York State regulatory bodies
A new Bitcoin ETF proposal that may see the SEC change its mind
Steve Cohen to invest in crypto/blockchain hedge fund

It is currently unclear how the cryptocurrency market will react moving into tomorrow, but many are hopeful for consecutive days of bullish movement.

17.07.2018 / 12:20 129
Bitcoin Surges Above $6,600 Amidst Influx of Institutional Investments Bitcoin Surges Above $6,600 Amidst
Image courtesy SCMP.com.Bitcoin is back in the green after positive news in the past few days about big-money investors looking to get involved in
Bitcoin Price Watch: BTC/USD in Clear Uptrend Bitcoin Price Watch: BTC/USD in Clear
Key Points Bitcoin price extended gains and broke the $6,400 resistance zone against the US Dollar. Yesterdays discussed bullish flag pattern was
Bitcoin Price Watch: BTC/USD Forming Bull Flag Bitcoin Price Watch: BTC/USD Forming
Key Points Bitcoin price remained well supported above the $6,200 support area against the US Dollar. There is a bullish flag pattern forming with
Bitcoin Cash Price Analysis: BCH/USD Resumes Uptrend Bitcoin Cash Price Analysis: BCH/USD
Key Points Bitcoin cash price found support near the $865 level and bounced back against the US Dollar. Yesterdays highlighted short-term bullish
Bitcoin Rebound Not Likely in the Short-Term, Analysts Eye $7,777 to Signal Uptrend Bitcoin Rebound Not Likely in the
According to experts at Fundstrat, the price drop of Bitcoin to below $7,000, a two-month low, indicates that the coin will have a difficult time
Where’s the Volume? Bitcoin Price Rebounds to $7,500 Without Major Movements Where’s the Volume? Bitcoin Price
After dipping below the $7,300 mark, the bitcoin price has recovered to $7,550, closing the last 4-hour candle at above $7,600. Although the initial
Comments (0)
Add a comment
Comment on