Bitcoin Forum

Bitcoin price abruptly jumped over $6800 (Bitfinex) during trading on Saturday, representing another attempt to break above $7,000 during the ongoing bear cycle.

There are a number of factors that could have contributed to this sudden jump. Bitcoin, and cryptocurrencies more generally, have seen a positive increase this past week.

To me I think what would have caused the price spike is the so-called crypto “whales” choosing this moment to place large buy orders For Bitcoin. Since the supply of Bitcoin is finite (21,000,000 total theoretical supply of Bitcoin, with only 17,137,187 currently circulating), it stands to reason that large buy or share orders can impact the price significantly.

Kindly share your view on the sudden increase.

I know a very good reason for a jump is to make a profit from investing in Bitcoin.
Is it necessary to have some other reason  ???

We've already hit the bottom and the market has been relatively silent for a while. That silence is usually a sign of market-maker getting ready for a pump. Maybe $6800 notch is the first try.

Is the bitcoin price jumped to 6800 because the whale started pumping in?

Its normal that jumps 6000$ to 6800$ in few days because it is very low price . And i also think it is the bottom of bitcoin price. for this people want to take this opportunity by buying some btc and want to get profit by selling bitcoin at above 7000$. thanks

You can see that at this point we can trade altcoin very well, according to my analysis, the bitcoin price will be able to recover to the $ 7000 -7200 mark in the coming days. These are very positive signals for the crypto market, but at this point I think you should still only short-term investment because bitcoin prices will probably continue to fall as the market is still in the downtrend phase.

I still think the $ 500 move up or down is normal. "Perhaps the bullish momentum gained from the last days is the reason for this rise." So there is no reason to worry about it. The question is, will this upward trend continue?
The neckline of last week represents support now that seems to continue to support price to $ 7000 levels, maybe the next day or two.
Also, I do not expect a significant increase, maybe stability around "$ 7,000- $7,300" for a period.

I think the market is getting affected positively as Facebook has withdrawn their bans from crypto currency and people are having trust on it. Day by day, the demand is increasing. May be, this is the reason why the price is rising gradually.

It's just getting more popular by the day, it's just a matter of time till everyone starts accepting bitcoins and the other formats will become obsolete.

XRP creation maybe ? :)

I somewhat agree with this. As I trade this month of June and first week of July, I can see how whales are so active these days. The sudden rise of Ethereum last week of June was also the same case. So let's all be careful when buying when it gets high in price.

I am still not sure if the market is ready to go up.The bull is not back in my opinion.I think this is just an eloborate bull trap.Whenever people start to talk about pumps, bulls this market crashes and crashes.I am still afraid to believe the market is healed.

good news for the investors of the bitcoin, a rise in price will allow them to make a profit on their investment. Also new investors will be interested in investing. This is also can be the sign of the bull market which is expected by the investors.

I have no idea what caused the sudden rise last Saturday, whatever it is more people are buying before the bull market.

This has been the same just like the past years that there are more buys when the 3rd quarter has started and expect that there will be more of it on December.

According to Coinmarketcap, bitcoin has risen by almost 3% over the past day and is now worth $ 6,826. Crypto currency has returned to the markings, which traded earlier in June before a crushing fall below $ 6,000 at the end of the month.
During the week, BTC grew by more than 7%. Similar indicators are shown by altcoins from the Top-10 Coinmarketcap. The capitalization of the digital currency market today is $ 277 billion.

There are various explanations and you can pick the one you like. The best one in my view is that the selling pressure has died. If you were watching the charts for the last couple months you could see that previously, when someone started to dump hard people would follow, but it stopped being the case once we reached 6k. Everyone who really wanted to sell and was uncertain about this technology jumped out of the so called "sinking ship", and as we all know the price can't stay flat. If it can't go down it will go up.

Recently, the price of bitcoin move down the floor, ranging $5900 to $6300 only. And as of now, the price jumps instantly into $6800. I have heard in the CEO of one of the project I joined that the reason behind this pump is there is a guy who bought 1250 Bitcoins. Well, I don't how true it is but I believe that there is a great demand last day that caused for the bitcoin to jump. This pump may dictate a bull run market.

I think this was a technical bounce brought on by the overly negative news cycle lately. It seems to me like the big banks were waiting for an opportunity to create a bottom and they found one. Most of the worries about regulation are now well known to everyone in the banking world. They have already talked about crypto in a hundred meetings and they know exactly what the plan for the future is. Us plebs will just have to wait and see what they decide...

So you are basically pointing towards the demand supply chain behind the reasons for the bitcoin's price increase. That may be true! Probably the demand has increased and the price has also increased because of that reason. However, I must add that, bitcoin is still at a very nascent stage and such tiny price increase is nothing for bitcoin. I count such fluctuation as a part of the basic dynamics of bitcoin's price and nothing else. The demand is robust all around the world and we haven't received any significant bad news in last few weeks, which may have fueled the price. Bitcoin's price is not solely dependent on the demand it receives. There are several other factors which are hard to factor in.

   If the price going down you ask what is the caused of it and now bitcoin price moving upward asking again what is the cause this sudden rise. Well let us just be glad that bitcoin slowly rising and hoping that it will continue to increase. Of course the primary cause of price increase and decrease is the demand and supply in the market. But there are also other factors that affecting it like news unless there is someone behind manipulating the bitcoin price.

Continue price increasing is good because many people will believe to bitcoin again and I think after few months only bitcoin back to highest price and end of thie year 2018 become more than 20k dollars. Buy more bitcoin now and hold it for few months and get more profit.

The causes of jumping of bitcoin price are the good news came from the company's accept bitcoin as payment in the foodchain or specially african government approved the ligality of bitcoin as payment if not wrong on this my analysis.

Well it could be we are all fed up with the lowest sell as at now, and everyone is waiting for the pump to happen. I think July will be favorable for market trading looking at the gradual rises we've been experiencing over the past week.

Looks like bullish signs are getting closer, maybe right now is the right time to make a purchase. And it seems, the whale began to make a massive purchase

I don't think it is a sudden jump, the Bitcoin price was increasing gradually. Though today we are going to see a dump. Bitcoin price already come back to 6600 USD and will go more down today. We are in a bad situation of the crypto market. There are no jumps until we reach at least 8K USD Again.

Research dude. Nowadays it is very hard to determine which might be the cause of sudden rise and fal of bitcoin. Though it is quite good to see how it rose, I still do not expect a quick rocket. Let it grow slowly. Honestly, it was a bit boring not to see prices go up recently but hey, I am not too greedy to check that all the time.
Guessing what may be the cause is not that helpful to. Just try to research and if there are any good news, you can share it. Just make sure they are facts.

I as a bitcoin hunter is happy if bitcoin rises, because it will also impact on other altcoin that will go up ..!

i don't know why these days people are getting too excited about a tiny rise and call it a "sudden jump", "pump", "bull run",...! as if they have never seen a tiny rise in bitcoin ever. go look at some charts for some time and you will see that a 1%-3% rise in one day is considered a completely stable market for bitcoin. you can even consider market calm until a 10% rise and then call above than a rise.

right now what we have is a slow rise that is happening for over a week and price is headed towards $7k as the whales accumulate bitcoin while keeping the price here.

The price of the BTC has been hovering below $7,000 for so long that it is hard to say whether it is a bad thing or a good thing. Although it will go up in the long run, it will be hard in the short run.

The speak has been in a good 1 week now or more than that. Maybe we have bottom or it has something to do with the South Korean news. However, we have one news that should have negative impact as well, the India Supreme Court upholding RBI's decision. But it did have that much impact though. Perhaps there are new blood in the market that pump bitcoin to this point and hope it will continue so that we can at least break the $7K mark again.

I don't think it's whales who are the reason of price up. It is naturally hapening. The demand has also increased. Probably, this is the reason.

I also think the bitcoin price increase of $ 6800 is due to whale pumping money to keep investors stay. While some people are depressed because of the low prices and they have withdrawn from the market. So whales have pumped money into the market

In my opinion why Bitcoin price jump above $6800 because it is part of a sudden change or we may say flactuation of market value and I know it is just an awakening that Bitcoin is not a bubble.

For me this sudden increase is a good sign wherein for sure it will bullish more soon. 'cause it been how many times it always fluctuate but always made a small pump as well after, i think it happened 3x since the price bounced back to the 6k resistance .So probably this is really a good sign of market before it stabilize in my opinion because market price is always gradual  increasing after fluctuation.  

The price is increasing mich and it is really a good news. The prices was going low consistently for a long time and now it has started to recover. The positive news around might have made this possible. I am really happy seeing the growth of bitcoin.

Attempting only to break $7,000 but suddenly were dropping to $5,000 again i dont know what makes the price pumped last few days ago but what we need to learn now is what makes the price drops drastically again today,as for 6 hours bitcoin prices down from $6,800-6,300

From my perception actually the main reason behind these sudden rise and fall of price of bitcoin is caused for the unpredictable rate of demand and supply.

It's called a Bull trap. Taking this recent price drop into account, that run up to $6800 is starting to look like it was just a bull trap. This is sad to see because many of us were thinking that the bear trend has ended and the reversal started... Or maybe this is a bear trap? Who knows... Just keep hodling. If it drops back under $6k then we will definitively have confirmation that the bear trend is in full effect and continuing downwards.


Maybe you haven't checked the prices yet or are you just spamming this thread? The price isn't going up, it went down. We have seen a 5%+ price drop which is enough to change the market sentiment from bullish to bearish. We will likely continue the downtrend and who knows how low we will be going this time around. Lot of support at $5k, so I just hope it holds. However, I still have a feeling that capitulation is just around the corner...

According to you analysis? hehehe...

I think a lot will jump infront of a running freight train if they followed your analysis.  ;D

to be honest this sudden rise is very surprising of all of us,  many people find many wrong meaning of this but we can hope this can break the record of $7000 on this year and that is a very positive signal for the trader so take the opportunity it may bring something good

There is nothing surprising. It is always very important to always stay cool during a downtrend so as not to be a victim of a bull trap. A lot of investors without trading knowledge could have opted in, thinking the market is set for new gains, but at times like this, it is always better to get to see the market develop pretty well before making any important decision. I guess the jump is obvious from this big red candle that is presently being formed.

Then a decline happens again it drops around $6400, failed to break the $7k price as usual from cryptocurrency price fluctuations, this was a common scene from the market 5% or 10% drops and price jumps was nothing to bother if you are a long-term holder if you are a day trader then you should mind these small figures to earn some profits from everyday fluctuations.

For this reason i suggest all types people to invest in this project. I hope price will not fall down in recent times. So it’s a less risky project if we compare with other coins. Because other coins price fluctuation range is too high.

That's an interesting post. But there's actually no certain reason to why Bitcoin prices rise or fall down. But however, it might also happen due to market manipulation.

Yeah, I was kind of hoping we'd at least break $7k in this last bout of upward volatility.  Not to be, I guess.

However, I'm not sure this really means anything other than bitcoin is acting like bitcoin.  We've seen much worse than this before, and I'm not sure a little price stability is a bad thing.  Yes, it puts a little smile on my face when bitcoin reaches record highs, but I'm realistic enough to know that can't happen with any asset.  There are many, many assets that either have little price movement for long periods of time or jump 20% up and down from time to time.

We'll get back above $7k eventually.  I'm not impatient for it, though.

Not for me. Sudden rise or unexpected price rallies only meant one thing and that is a correction or price drop waiting to happen. Did you really expect Bitcoin to go above 7,000$ when Bitcoin just recent got above from 5,000$ level. For people who have shorted they must at least expected a short in as early as the resistance in 6,800$. Right now we can neither call it a pullback or trend continuation as it still just recently drop.

The rise in price by all means was not sudden at all because for the past few days running into weeks, what I was seeing was the gathering of momentums to be ready for an offshoot and when the appreciation begin to happen I had hope it has come to stay but at the same time not banking on it due to the fragility that comes with such increase in price alas, I was not disappointed to see the price take a nose dive and not only bitcoin this time but major alts that respond along side with the same effect of bitcoin just went the same direction.

I have a feeling this is due to impatience of people who have been waiting for just some marginal appreciation for them to drop and the moment they got it, they decide to offload to the market and without corresponding demand to absorb it, price came crashing hopefully it can pick up in few days.

Exactly. $500 in a few days is nothing when it's about Bitcoin. We got more than that before. It can even do the opposite if we check today it has lost near the same. It's just a normal up and down like Bitcoin has always got. I am not able to identify a trend showing the market is going to come back

it would be really interesting if you coud get any information about these whales we always talk about.
Im really not comfortable with these whales doing everything and they and we just here watching.. Crypto could be so much better without them, they are definetily a threat and they f=ck up Bitcoins reputation

But they the have ability to pump the price. Aside from btc getting more user, one reason why I believe btc won't go back to nothing is because of them because of their ability. Also, if ever they are doing it, aren't you benefiting on their pump and dump?

The bitcoin's price fluctuations is responsible for this as we have also see a very serious fall since yesterday.  Bitcoin cannot continuously going up and at the same time keep going down.  We just need to invest along the way it get pump.

you shouldn't say "$500" you should instead say the percentage equivalent of it which in this case is about 7%. that way everything comes into a better perspective because it shows the real size of the growth/drop. for instance $500 rise when price was $500 meant a 100% rise which took about a year to happen. but with today's price a $500 rise is just a tiny daily fluctuations. but some people sometimes look at the amount of the rise and call it things like "pump"!!!

I have a very less idea why it might have been caused but according to me it might be caused due to the half yearly bank closing and the half year audits all over the world. It might also have been caused due to some sudden demands of bitcoin whereas the supply is still low thus more demand and less supply is causing the rates to increase, there can be multiple reasons why it is increasing but for me if I am in profit I don’t want to know why it is increasing rather I am happy with it.

One crucial factor that has a huge impact on the price hike could be crypto whales choosing the right moment to place large buying orders For Bitcoin. Since the supply of Bitcoin is limited, it is very obvious that a huge buy or share orders can impact the price significantly.

When user increases then sudden rise was seen in rates of Bitcoin. At start rate was low but when they saw intereset of people emerging towards new currency they rised rates.This year  small rise was monitered. In future it may rise. It all depends on users.

And it touched $7500 :) This was more than good, but it has went down by a little bit more at the moment, it is less than $7200 at the moment. But i am more than confident in that the prices will keep going up on the next few days

I haven't witnessed that it touched $7,500 but it's now $7,437.

The correction that happened is making bitcoin to pump more while most of the alts are suffering. Bitcoin's dominance has increased to 44.4% as per CMC while last time it was only 38% - 42%.

The prices just grow up immediately from $5.8k dollars to $6k above again which means that there are whales who are just waiting for the market price to dump even more before hoarding a huge amount of coins.

Absolutely right about it, the reason which is manipulating the price is due to big investments which improved the value to 6800 dollar price. Now we see that the price has fallen to 6.3k dollar which is a sudden downfall too so the reason for this decrease in value is the selling rate after which the price fell down. Selling is not a solution but big investments are a perfect solution.