Bitcoins Price Surges Nearly 10% to Surpass $8,000 as Crypto Market Adds $20 Billion
The price of bitcoin, the flagship cryptocurrency, has recently surpassed the $8,000 mark in a move some believe is extremely bullish and could help it go up to $20,000. Whats behind the rise is unclear, although a counter trading indicator pointed towards it.
At press time, BTC is trading at $8,055 after rising 10% in the last 24-hour period, according to CryptoCompare data. The flagship cryptocurrencys market cap is now of $142 billion, and its recovery came merely days after it had a $1,000 flash crash caused by a 5,000 BTC sell order.
Its currently unclear whats behind the cryptocurrencys rise, although some have pointed out tensions between the United States and China may be helping, as bitcoinjs price has been moving up when trading volumes are higher on Asian exchanges.
The U.S. recently hiked tariffs on $200 billion worth of Chinese goods, with China retaliating with higher levies on billions of dollars worth of U.S. products. These developments severely affected the stock market, and could be seeing investors hedge with bitcoin and other cryptocurrencies.
Notably, some could have predicted BTC would surpass the $8,000 mark this weekend as CNBCs Fast Money Twitter account recently posted a bearish tweet showing a head and shoulders pattern, which implied a drop was imminent.
What happens next???? pic.twitter.com/qASi7fAfJF
— CNBC's Fast Money (@CNBCFastMoney) May 19, 2019
In the cryptocurrency space CNBCs tweets are seen as a counter trading indicator, as often bitcoin does the exact opposite of what the financial news outlets social media accounts predict will happen.
The cryptocurrencys price rise also comes as search interest for it hits a 14-month high, according to Google Trends data. This means that search interest for BTC hasnt been this high since February of last year, when it was trading between $8,000 and $11,000.
Mati Greenspan, a senior market analyst at eToro, has noted the cryptocurrencys price performance is bullish, and that there could be virtually no major levels of resistance until $20,000.
IF the pullback does reverse now and we continue past the recent highs, there is virtually no major levels of resistance until $20,000.
Past performance is not an indication of future results. This is not trading advice. Cryptoassets are very risky. So trade with caution.