Bitcoin Price Unexpectedly Rises to $6,600, as Market Adds $5 Billion in Hours

[oksgvardukraine2018]

Bitcoin Price Unexpectedly Rises to $6,600, as Market Adds $5 Billion in Hours
Within the past six hours, the cryptocurrency market has added $5 billion to its valuation as Bitcoin demonstrated an unexpected increase in its price.
1-day chart of total crypto market valuation, chart provided by Coinmarketcap.com
Throughout the week, Bitcoin struggled to demonstrate recovery in its volume and momentum, as it fell below the $6,500 mark, a level which the dominant cryptocurrency managed to sustain for several weeks.

Since August 9, the price of BTC has remained relatively stable in the range of $6,400 to $6,800. Apart from one instance in late September during which Bitcoin tested the $7,000 resistance level, the asset has shown a record high level of stability since June of 2017.

Bitcoin Rises Abruptly
Earlier this week, the vast majority of technical analysts and prominent crypto traders expressed their negative stance towards the short-term price trend of BTC.
One trader who goes with the online alias “Rampage” stated that the declining volume and consistent demonstration of lower highs are expected to lead the price of BTC to drop.

“Declining volume, weaker bounces, lower highs. Demand is getting eaten up and it’s just a matter of time until we break support for new yearly lows. There is nothing bullish about this chart,” he explained.

Since then, the volume of Bitcoin actually dropped even more, from $4.3 billion to $3.8 billion on Coinmarketcap. On Coincap.io, the cryptocurrency market data provider of ShapeShift, which filters out exchanges suspected to have inflated volumes, the daily trading volume of Bitcoin hovers at around $2.57 billion, down 0.23 billion since October 2.
https://www.ccn.com/bitcoin-price-unexpectedly-rises-to-6600-as-market-adds-5-billion-in-hours/

[Rishblitz]

Yeah that's confirmed news from ccn and shared in bitcointalk facebook, but who buy bitcoin so much 5 million dollars?

[bangkecol]

Yeah that's confirmed news from ccn and shared in bitcointalk facebook, but who buy bitcoin so much 5 million dollars?

surely the one who buys it is the banker who has such a big idea for the development of bitcoin in the following year, this is a good capital for the stability of bitcoin prices.

[Antinomist]

Bitcoin has started to rise back up again. It has stabilized at around $6600 from an additional investment of $5 Billion. It is expected to reamin stabilized at this value for a sometime.

[Marcel666]

Bitcoin has started to rise back up again. It has stabilized at around $6600 from an additional investment of $5 Billion. It is expected to reamin stabilized at this value for a sometime.

It is of course a welcome development, more investors means mass adoption.
The price of bitcoin has been stable even before talks of a large investmen. Bitcoin has reached a stage where the currency will not be easily affected by large investments.
The next goal now is more practical uses of bitcoin in our daily lives.

[franky1]

the market did not add $5billion in hours

seriously. stop looking at the market cap. its a useless number of math, not funds
someone can make an altcoin of 5trill coins and add just ONE DOLLAR to an exchange and make the market $5trillion just by buying one coin with ONE DOLLAR

[palle11]

Probably this is going to rise further given the fact christmas is less than two months away and we can expect a lot of activity in the market. Fingers crossed.

The expectation is coming stronger, the market is also reacting and manipulation too is going on. 

My advise is that while we are in expectation, we should also learn from last December and know when to sell if we don't intend to hodl.

[kryptqnick]

Bitcoin has started to rise back up again. It has stabilized at around $6600 from an additional investment of $5 Billion. It is expected to reamin stabilized at this value for a sometime.

The price has hardly become better. I don't even count fluctuations between $6k and $7k changes. They're just cycles that don't make a difference. And 5 billion sounds like a lot of money, but it's just about 2.5% of total market capitalization of cryptocurrencies! Sure, it's nice to talk about these news to see that the market it still alive, but this is really nothing of bitcoin. It might change lives of those who pulled money into the market now, but the overall situation remains the same. It's like a drop in a glass of water. One more, one less - nobody really cares, unless this drop is a sign of the coming rain.

[pixie85]

It's funny that the candles were so big when they bought the coins and later there were only a few small candles and the price is almost back to where it started. In other words it looks like some capital moved out of the exchanges so that when they bought they ate a lot of sell orders but at the same time some buy orders disappeared lowering the market depth.

[xfaqs01]

This may be a good news.The price is expected to rise higher at the end of the year and it's starting to show the indications.

well it got back down so quick on the sideway zone, were at the sideways in a few days now, the bull and the bears seem nowhere to find, but whatever it takes i believe it will go north no matter what.

[aray80]

This unexpected movement of a Market that has Added $ 5 Billion is a moment that is always awaited and most valuable for all investors to trade in taking advantage of opportunities  that exist

[tabas]

And now that $5B additional was liquidated quickly and the market is back again on red. 

[MainIbem]

This kind of exciting threads has become a hallmark. It seam as if any little rise in market cap and price high is an indication of the back into the groove of 2017 last quarter. It does not work like that. It should rather be more exciting that the market has stablized at $6,000.

[pooya87]

Unexpectedly? lol.
it is like being at the beach and saying the "waves" unexpectedly came to shore! $6600 from $6550 is not a rise to be unexpected or expected. it is just fluctuations and that in a small market which normally has fluctuations as big as 10% and it is still considered as its daily volatility.
in fact if you tell any stock trader that there is some asset that went up 0.7% "unexpectedly" they will laugh in your face and tell you to please stay away from the market.
i don't know how this because a "news" and people are quoting it!

[ubercool]

Everything is a signal for the next bull run now. Most of the experts are predicting that it is anytime now and we will see a good pump in alt market too, which is quite needed right now. I dont think it is "unexpectedly", because we are due for a run from log time now.

[dothebeats]

Normal fluctuations in the market tend to occur frequently, and this one is no exception to that. It is possible that some traders saw a window of opportunity and bought bitcoins up until it reached $6600, and now it's down to $6550, confirming that it's nothing special and just another random movement in the market. Many times had the price crossed $6600 and even further but still, not impressive unless the rise is continuous and will not lose its footing for only a few hours/days.

[talkbitcoin]

Everything is a signal for the next bull run now. Most of the experts are predicting that it is anytime now and we will see a good pump in alt market too, which is quite needed right now. I dont think it is "unexpectedly", because we are due for a run from log time now.

i think exactly because of that, there will be no crypto pump any time soon. it is because we simply have a huge number of bag holders who are waiting for any kind of retribution for the mistakes they have made. and that means they hold on to their bags to dump the altcoins they see have a little rise/pump.

[peter0425]

Perhaps this is the answer, Bot Goes Wild, Sends Bitcoin to Nearly $8,000, ETH at $300, LTC Down to $1 on Bitstamp.

“Bot went wild. Trading was halted,” Nejc Kodrič, Bitstamp’s co-founder stated earlier today, clarifying it was a client’s bot.

A bot that caused some chaos on euro pairs during a period of about 23 minutes starting at about 1:12 AM London time for bitcoin.

Some €6 million worth of bitcoin was sold within 15 minutes, bringing price down to just under €5,000 ($5,760) or about $1,000 below the market price on other exchanges.

Or maybe a perfect example on how the price is manipulated. That's why I theorized that bots have been running wild in the last 6 months or so, causing the price to be stagnate around the $6k-$7K mark.