[2018-02-14] Bitcoin Price Spikes to $9,300 as Bulls Notch Another Victory

[nickbelski]

The Bitcoin price punched through $9,000 on Wednesday, enabling bulls to notch another victory as the market sorts out the flagship cryptocurrency’s short-term future.

Bitcoin Price Spikes to $9,300

Over the course of the past week, the Bitcoin price had established a base at $8,000, seemingly bringing an end to a market free-fall that had seen BTC and other top cryptocurrencies sink to their lowest levels since November. However, Bitcoin met strong resistance at $9,000, and despite briefly piercing its armor, it had proved unable to break through that sell wall.

Earlier this morning, though, the Bitcoin price punched through $9,000 and continued to climb, peaking at $9,300 on Bitfinex at approximately 1:30 PM UTC. At present, the Bitcoin price is trading at $9,245, which translates into a $156.7 billion market cap.





The largest share of BTC volume is located on cryptocurrency exchange OKEx, which currently boasts four of Bitcoin’s 10 highest-volume trading pairs. This heavy concentration of volume on OKEx is likely linked to the news that the Hong Kong-based exchange is launching its own utility token, OKB, and is distributing a combined 100 million tokens to traders who achieve at least 5 BTC worth of volume between Feb. 10 and Feb. 14.

Bulls Notch Another Victory

The trigger for Bitcoin’s surge, meanwhile, is less clear-cut, but it may be a sign that bears are once again preparing for hibernation.

Last week, Pantera Capital founder Dan Morehead predicted that the bear market — which he accurately forecast in mid-December — was preparing to turn a corner.

Morehead noted that Bitcoin’s previous bear cycles had an average duration of 71 days. At present, the market is 58 days into the present correction, and the former Goldman Sachs trader said that there is no reason to expect that this one will be substantively different.

“It seems like another couple of weeks and everything will be normal and [bitcoin] can start growing back up again,” he concluded, adding that he expects more institutional investors to begin entering the markets during the next bullish wave.

Source: https://www.ccn.com/bitcoin-price-spikes-9300-bulls-notch-another-victory/

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[peter0425]

Ok, first time I heard that bear market has a average lifespan of 71 days. We still need to know a lot regarding how this market moves in a more technical way.

Well it may also coincides with the end of the celebration of the Chinese New Year. Right now the price is above $9K which is a clear sign that indeed we have started to hear the herd coming our way and the bears going to sleep again and hopefully in a long hibernation.

So pretty exciting times ahead. Those who are still holding will really gets their reward in the market picks up again and rally well above $10K, which for me is the next mental barrier.

[prehisto]

 In past days I have red a lot of opinions of traders, large part of them are certain that there will be another big dip and this is just a bull trap. Some of them are saying that bear market is over.
  
 Your post has some valuable input and interesting details about Okex and volume.

 I am cautiously optimistic about current price situation , I hope that Bear market is over . I believe that today's action is good sign especially because of this future expiration.

[richardsNY]

In past days I have red a lot of opinions of traders, large part of them are certain that there will be another big dip and this is just a bull trap. Some of them are saying that bear market is over.

Every recovery after a massive correction is subject to bull trap talk. It's impossible to know upfront about the recovery being an actual recovery or just a bull trap. If it was easily obtainable information, it would allow deep pockets to make millions and millions in profits. The moment the market dipped under the $7k level, the market was in my opinion oversold, and thus a fantastic buy. I don't take a complete recovery for granted, but the chances to see the market dip below $7k again, and especially $6k, are extremely low. If we manage to break through $10k in the coming weeks, we can almost safely say that there is no bull trap danger anymore.

[Jating]

In past days I have red a lot of opinions of traders, large part of them are certain that there will be another big dip and this is just a bull trap. Some of them are saying that bear market is over.

I don't know what you are reading but I'm looking at a lot of bullish trend lately, and pointing about bitcoin will start to pick the price and make significant runs in the next coming weeks. No need to be cautious now as I don't see any bulltrap as the gains its already sustainable. We are not  going below $9k, which is a good sign in my view.

Your post has some valuable input and interesting details about Okex and volume.

 I am cautiously optimistic about current price situation , I hope that Bear market is over . I believe that today's action is good sign especially because of this future expiration.

Let's say, we continue to observed the market, few hours ago I saw it trading at $93xx but significant gains is made to well above $96xx. $10K will be broken in the next coming days or early this week and then fairly out of dangers against bulltraps.

[Coin-1]

The Bitcoin price punched through $9,000 on Wednesday, enabling bulls to notch another victory as the market sorts out the flagship cryptocurrency’s short-term future.

Good news! I am glad to hear about this. Now Bitcoin is charging by the financial "fuel" and ready to reach the price $60K in the foreseeble future. Nothing will stop Bitcoin!

[FirEaSeA]

The Bitcoin price punched through $9,000 on Wednesday, enabling bulls to notch another victory as the market sorts out the flagship cryptocurrency’s short-term future.

Good news! I am glad to hear about this. Now Bitcoin is charging by the financial "fuel" and ready to reach the price $60K in the foreseeble future. Nothing will stop Bitcoin!

I think it's too early to say that. We should concentrate on this year and wish that it'll pass $10k again.