[2018-06-30] Newsflash: Bitcoin Price Crosses $6,300 as Trading Volume Spikes

[Terraformer]

The bitcoin price briefly crossed $6,300 on Friday after a surge in trading volume led to a significant price swing.

Bitcoin had languished below $6,000 for most of the day after dipping below that mark on Thursday. That changed at approximately 22:30 UTC, when a sudden spike in trading volume hurled the bitcoin price above the $6,000, $6,100, and $6,200 marks in quick succession.

The flagship cryptocurrency ultimately rose as high as $6,302, its highest mark since June 25, though it has since receded back to a present value of $6,238 heading into Saturday morning.

Bitcoin currently has a $106.4 billion market cap, which translates into a 24-hour increase of more than five percent. Perhaps even more notably, the rally brought bitcoin’s weekly chart into positive territory, and BTC is now up 1.18 percent over the past seven days.

The total cryptocurrency market cap, meanwhile, has recovered to $249.3 billion after declining as low as $232 billion on Friday during intraday trading.

There does not appear to have been a clear trigger for the rally. There has been renewed hope of the possibility of U.S. regulators approving a bitcoin ETF in the near future, but past denials have likely taught investors not to buy the rumor on these discussions.

Source >> https://www.ccn.com/newsflash-bitcoin-price-crosses-6300-as-trading-volume-spikes/

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[Kakmakr]

Times have surely changed. Back in the day, a $300 to $400 increase in the price would not even have made the news and now it is suddenly a Newsflash! 

Someone is playing with some big money to toy with Bitcoin hoarders. They dump a few coins to push the price down with, say $600 and then they bottom out for a while, before they start buying again to push the price up with $800 and then they rinse and repeat.

We are just seeing the whales or some big financial institutions, playing us like puppets. 

[Slow death]

[...]

well, I start to find this all very strange, when I read this news:

Bitcoin Price Sees Second Dip Below $6K This Year as CME Futures Expire

I thought, "It must be some mistake, some meaningless assumption." But looking at the price of today, I begin to think that there may be some truth in this news

[hatshepsut93]

Times have surely changed. Back in the day, a $300 to $400 increase in the price would not even have made the news and now it is suddenly a Newsflash! 

The current price swings seem important to analysts because the price is close to psychological level of $6,000 - don't forget that people really like decimals. And as we are currently encountering a bear market after the ATH, people are looking for the signs of the bottom, and for them $6,000 looks like one, since there was so many price movement in this range recently - first it was reached during the crash in February, now the price was staying around it for the last couple of weeks and it has dipped below $6,000 two times already.

[patt0]

I think ETFs will come eventually but I don't think this spike has nothing to do with that possible future event. It's just normal market swings in this space. I don't even think the bear trend has ended, and looking to the weekly time charts, even a bounce to $7500 wouldn't meant anything yet, because that would just be another weekly lower high, from the past $9600 fall. My opinion on the market remains the same, only a move above $10k mark could signal a real reversal in this downtrend. Still holding long term investment on BTC, but I will remain "cash only" on my short term trading balance.

[1Referee]

I have noticed what looks to be a keep-Bitcoin's-market-cap-at-$100b trend. If this keeps repeating a couple of more times, it may actually be something to hold on to. If we look at the price increase itself, then it's just as empty as it has been in the last months. We need to go past the $7000 level in order to actually make a difference. Reversing this downtrend is the most important thing for now, not pumping back to whatever crazy levels people keep dreaming about.

It's quite fascinating how the sentiment can still change in an instant in this market. From bearish to bullish and maybe back to bearish tomorrow. 

[Coffee135]

I have noticed what looks to be a keep-Bitcoin's-market-cap-at-$100b trend. If this keeps repeating a couple of more times, it may actually be something to hold on to. If we look at the price increase itself, then it's just as empty as it has been in the last months. We need to go past the $7000 level in order to actually make a difference. Reversing this downtrend is the most important thing for now, not pumping back to whatever crazy levels people keep dreaming about.

It's quite fascinating how the sentiment can still change in an instant in this market. From bearish to bullish and maybe back to bearish tomorrow. 

It seems to me that even if bitcoin reaches the price of 7000 dollars it will not be an indicator of its recovery. It's just a little correction. For me, the indicator is a long-term stable growth without jumps. Speculators can stop selling coins for a week and the price will reach 8000 dollars but then the sale of several hundred thousand bitcoins will lower the price by 6000 dollars.

[kevoh]

It's quite fascinating how the sentiment can still change in an instant in this market. From bearish to bullish and maybe back to bearish tomorrow. 

Exactly! Just a few hundreds increase in the price everywhere is already awash with a bullish news! When its obvious we are still deep down in the bearish zone. It's going to take a lot more than just sentiments to have the price take a bullish route.

[aso118]

Times have surely changed. Back in the day, a $300 to $400 increase in the price would not even have made the news and now it is suddenly a Newsflash! 

Someone is playing with some big money to toy with Bitcoin hoarders. They dump a few coins to push the price down with, say $600 and then they bottom out for a while, before they start buying again to push the price up with $800 and then they rinse and repeat.

We are just seeing the whales or some big financial institutions, playing us like puppets. 

Exactly. In the bull run of 2017, the price used to increase by $1000 in a day!
All this volatility does not affect the hodlers. They know that in the long run, the price will appreciate.

[richardsNY]

It seems to me that even if bitcoin reaches the price of 7000 dollars it will not be an indicator of its recovery.

Recovery is a relative term. Recovery to what, the hype peak of $20,000? That's not going to happen. We're going to rebuild the market without hype being the main driver, and for that reason it's better to not focus on that $20,000 level again. Without hype demand the "recovery" to $20,000 will prove to be a slow journey that may even take till late 2019. If we manage to hit $10,000 before the end of the year it can be seen as a great achievement, but the main obstacle has never been reaching certain price levels, but more the fact that we always fail to sustain them initially. The higher the price is the more money needs to come in, that's how things go, and that directly is what we need right now.

[BitHodler]

From bearish to bullish and maybe back to bearish tomorrow.  

That's the name of the game. I am as neutral as I have always been, even during the bull run of last year.

I am not moving a large part of my coins, not even to benefit from potential corrections as what we go through right now. I completely dicard the value of them and act like they don't exist.

What's the point of looking at their value right now when you are only interested in what the price is in 2020 and far beyond? Not everyone understands that yet, which is clearly working against them currently.

How most people treat gold they should treat Bitcoin. People hoard gold and have it stored in bank vaults for years, and when ignorance is no longer an obstacle people will do the same with Bitcoin.

Benefit is that you don't need to store it in bank vaults since there is no bulk.

[bbc.reporter]

Times have surely changed. Back in the day, a $300 to $400 increase in the price would not even have made the news and now it is suddenly a Newsflash!  

Someone is playing with some big money to toy with Bitcoin hoarders. They dump a few coins to push the price down with, say $600 and then they bottom out for a while, before they start buying again to push the price up with $800 and then they rinse and repeat.

We are just seeing the whales or some big financial institutions, playing us like puppets.  

That's market manipulation, and the SEC is already investigating the matter very closely according to some news articles. If it finds something, it would be another 1 or 2 months of bad news and FUD that will cause bitcoin to crash down to a new low again.