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Bitcoin Price Jumps North of $8,300 BTC/USD as Coin Market Cap Bumps Up $28 Billion in Last 24 Hours

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  • Bitcoin chart kisses $8,300 USD exchange rate value for first time since July 30, 2018
  • Global coin market cap registers over $260B, last time was August 2, 2018
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CoinMarketCap Bitcoin Chart of BTC/USD Price reaching $8,320 today
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CoinMarketCap chart showing the last time crypto market was over $260 Billion

Bitcoin’s price is $8,282.14 BTC/USD exchange rate today. The real-time BTC market cap of $146.62 Billion currently ranks #1 with a chart dominance at 55.75%, daily trading volume of $9.15 Billion and live coin value change of BTC 3.66 in the last 24 hours.

Market Analysts Confirm Bitcoin is Officially in Bull Season

Is it too early to be unmistakable that Bitcoin has officially recovered from the bear market that plagued the sector starting last year January 2018 and continued for nearly 17 going on 18 months. While many are quick to ponder that not only has the asset recovered but is regaining its excitement of Q4 2017 bull run when $BTC went from $8,000 range at thanksgiving to hit all time highs of $20,089 USD a week before Christmas when the crypto market cap swelled to $835 billion and the ICO boom was in full effect.

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Chart courtesy of Coinbase

Even though it’s been fluctuating a little above and below $8,300, pretty much every researcher and analyst has expressed bullish views about the coin and some of them think there will not be another significant crash for a while.

Views from Different Proponents

One of such enthusiastic proponents is Willy Woo. Woo who is a very popular technical analyst versed in financial research and statistics, has explained in a tweet, that Bitcoin successfully going over its 200-day moving average at any point in time is always a strong indicator of an impending bullish run.

In the tweet, Woo also explained that even if the trajectory is not so upwardly vertical, Bitcoin will still be bullish because the 200-day moving average has been crossed. The tweet said:

“In BTC’s 10yr trade history, crossing above the 200 day moving average (blue line) for any sizeable time (say 8wks+) has signalled bull season. Even a super conservative trend line support puts us above the 200DMA.

Bull season is now 99%.”

Willy Woo also posted a different tweet, predicting the asset’s possible activity and profits if it simply were a payment company and not a digital currency. According to Woo’s predictions, the price from over the last eight years would have surged significantly.

Woo expressed that Bitcoin miners would have made $3,800 in fees in 2010 but on the same trajectory, they would have made a whopping $296 million by 2018. In 2017 however, the year where Bitcoin saw its all-time high of almost $20,000, miners would have made as much as $555 million.

Another person who has had a similar view to Bitcoin is the CEO of Fundstrat, Tom Lee. Lee, who is known for very positive and optimistic declarations for Bitcoin has also expressed a similar view, confirming that Bitcoin has begun a decisive bull run. Lee has also said that the increase in the volume of over-the-counter (OTC) trades and also an increased number of transactions were direct confirmations that the trajectory would continue upwards.

According to him:

“We surveyed OTC brokers, who are really important in facilitating institutional investors, and they’ve all talked about a 60% to 70% increase in activity/number of clients and trading volume per client. Fundamentals are improving; technicals are improving and activity by HODLers too.”

Could there be a Pullback?

The possibility of a major pullback isn’t one that is shared by a lot of the pundits. There is always the chance that there could be short-term pullbacks but a conclusion can be made based on the comments from these bulls that a long-term pull-back might not happen any time soon

‘Risky Whales’ Part in Bitcoin Surge is Here While BTC Bottom Believed 95% Confirmed

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With the current crypto market cap at $241 billion, it is obvious that the digital asset market has been rising at an exponential rate.

Within the last couple of weeks, crypto analysts and enthusiasts has argued that Bitcoin’s (BTC) bottom had been reached. Ikigai Asset Management’s Co founder, Travis Kling, agreeing with the general opinion, is of the stance that the bull market has begun.

BTC Bottom

Travis, in an interview on CNBC Crypto Trader, with Ran NeuNer, said that Bitcoin’s bottom was in “for sure” and about “95% confirmed”. He further added that the situation was less obvious before the 1st of April, when the first hike was witnessed. He stated :

“The manner in which the crypto market rallied through January, February, and March, it was not a particularly healthy or natural way; you didn’t really see any quality crypto leading the way.”

Travis Kling indicated that the present surge was a culmination of minor digital assets like Litecoin (LTC) and Tron (TRX), which then pushed “the broader crypto market” causing the aforementioned surge.

“RISKY WHALES”

In addition, he stated that the crypto market was strategically manipulated by the so called “risky whales”.

These “risky whales” are either individuals or groups of people who understand the crypto market, are highly sophisticated and well funded cryptocurrency investors who invest in certain proprietary capital.

Concept of Reflexivity

Travis finally concluded, stating that the concept of Reflexivity is very significant in the digital asset sphere. He said:

“Reflexivity means that the market participants perceptions of the market, would affect the market, which then, in turn, change the market participant perceptions, so there was a prevailing circularity in that. Higher prices would beget higher prices and lower prices would beget lower prices.”

Hard to Ignore Reasons Why Bitcoin Growing Makes Sense in Second Half of 2019

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Bitcoin (BTC) continues to grow in the cryptocurrency market at very fast rates. In just a few weeks, the digital currency was able to move from $4,000 to $8,000. But which are the factors related to this price increase and a positive trend in the crypto market?

Bitcoin’s Bull Trend And Some Factors Determining Its Strength

One of the factors that allowed the digital currency to increase in price is related to the fact that there are fewer resistance levels than before. Financial asset prices tend to follow different patterns over time. One of the most important indicators is related to resistance and support levels in which these prices tend to move.

In the case of Bitcoin, the market has moved very quickly in order to create meaningful price levels. This is why the digital asset has moved very fast from $4,000 to $8,000 even when $6,000 was a very important resistance level back in 2018.

Now, the next price levels that Bitcoin is going to be reaching do not offer any real or specific resistance more than psychological barriers. Thus, volatility could also increase without clear resistance and support levels.

Another reason why Bitcoin experienced an important price increase is related to the weaker performance of altcoins compared to Bitcoin. The most popular digital asset was able to outperform several altcoins in the last few months. At the same time, Bitcoin’s market dominance grew above 60% for a short period of time on May 14, the largest number in over a year.

It is worth noting that Bitcoin has also been affected by several negative news over the last few weeks. That includes the bitcoin hack experienced by Binance and the investigation that regulators in the United States are currently undertaking regarding Tether (USDT) and Bitfinex. However, when this news broke up, the price of Bitcoin continued to grow as if nothing happened.

Finally, there are several new retail shops such as Starbucks, Whole Foods and Nordstrom that are going to be accepting Bitcoin as a means of payments for the goods and services they sell. This would make it much easier for users to spend their digital assets. However, as the token always has two sides, not everyone is sold on the recent BTC price increase:

Crypto Community Member’s Concerns About Latest Rise and All the Positive News

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I’m starting to see an incredible similarity, and I’d just like to bring it up cause I’d hate to see any one of us here get creamed by whales.

Tether distraction and Binance hack aside –

On February 8th 2019, we began a no visible strings attached, incredible two week climb from 3300 to just nearly 4200.00.
On February 23rd at 12:01 am PST a very rapid flash crash down to 3600 – a roughly 15% correction overnight.

On May 8th 2019, we began a no visible strings attached, incredible two week climb from 5900 to just nearly XXXX.
On May XX at 12:01 am PST, will we see a very rapid flash crash down to XXXX – a roughly XX% correction overnight.

Lots of good hype coming out of Consensus – that is what that show is about.

– I was at Whole Foods on Sunday – no Bitcoin payment option. I went to Whole Foods website on Monday to see if I could buy a Whole Foods gift card with Bitcoin – not an option. Research the Hype. Who the hell would buy groceries with XBT anyway?!?!?!

BAKKT? A “maybe” test run in July. No concrete SEC approval for it anywhere.

Bitwise ETF approval delayed until August 14th

I am a pure holder from time to time, but not to see this markets potential – up & down – is dooming oneself to repeat the mistakes of the past.

Moon Boi mortars incoming I’m sure, I completely understand the sentiment.

Leave feedback about where the value of bitcoin is going in the future and what the current price of $BTC will do next in the comments. Be sure to find, follow and flow with us daily!

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Bitcoin Market Price Chart in RealTime

Source: BEG

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