Bitcoin just popped! $4700!

[thecodebear]

At $4700 on Coinbase Pro right now! Just under $4600 on CMC!

[Sithara007]

There was a sudden spike of 25% within 60 minutes, as the prices peaked at $5,080 per coin in Bitstamp. But a slight correction followed and now the prices have stabilized at around $4,750 per coin. Still baffled by this sudden surge, as I couldn't find any positive news about Bitcoin in the mainstream media. The BCH prices are also going up and nearing the $170 resistance level.

[thecodebear]

It's not news related.

Bitcoin had been pushing at the top of the bottom range recently. The top of the bottom range was right around $4200. After 4.5 months of bottoming it had been putting pressure on the top the past few days, and especially today being over $4100 and slowly rising all day. The resistance finally broke.

I figured this week we'd either have a big drop to continue the bottoming phase or a big pump to break out of the bottom and start the next bull run. The latter happened.

[Moiyah]

At $4700 on Coinbase Pro right now! Just under $4600 on CMC!

Wow, I just didn't see it coming! I did think twice yesterday if I will make an entry and buy some altcoins buy I was so unlucky today that I was too late for the huge bull run. It does pump up at $4,730 and as you can see the green candle was really huge. Oh well, that's life. I do hope I did an entry yesterday but, I guess the profit is not for me this time. Lol.

[DoublerHunter]

Bitcoin price is really unpredictable, don't tell me this happening now having the longest candle price in just an hour in the market is because of the whale. Or it is just a normal spike to the Bitcoin, I don't see any news related to this sudden pumping up but hopefully, it will not go back down after this sudden spike happen. But if you notice some altcoins are did not swinging price as what bitcoin did.

[figmentofmyass]

nice short squeeze. this is going a lot faster than i hoped though---nearly hitting my lowest asks already. sometimes things go "too far too fast" like the rally off $3120s in december. in those situations, momentum burns out fast.

still, we consolidated for a couple months, so we should push back into the $5000s methinks. overall i'm hesitant to expect a real bull run though. it'll probably smack into the $5600-$6k area and bleed back down again.

[adaseb]

Basically its the complete opposite of November 14th 2018. Everybody was assuming $6000 was the new low and everybody went long on large leverage. And when $5800 broke, there was a lack of buyers and nothing but sell orders were popping up, hence the reason we went down to $3100 shortly after.

This is exact the same only in reverse, too many bears who were probably long at $6000 wanted to see BTC hit $1000 and took massive over leveraged shorts and when $4200 broke, it caused a huge short squeeze and there was a lack of sellers at the $4350-$5100 levels and hence why it rose so fast.

[thecodebear]

2015 - notice the gradual build up back to the top of the bottom range ~$300, then when it fully broke through the huge spike which initiated the bull market. It then fell back to just above the top of the bottom range for a while before gradually heading upwards.



2019 - notice the gradual build up back to the top of the bottom range ~$4200, then when it fully broke through the huge spike which initiated...sounds familiar right. Difference is (if this is the start of the bull run) this bottoming out phase only took half as long as the last one, though that kinda makes sense as there was no MtGox to recover from this time and there is institutional interest gearing up and in general there is just a ton more interest and media attention on bitcoin than there was back in 2015 - often mentioned on financial shows, social media, tech moguls talking about it, governments, news about blockchain and blockchain companies, etc.

[arpon11]

That is great news and we are expecting more good bullish trend.  It seems the bear market is over and more positive news are flowing into the cryptocurrencies market.  It is good we know that some of us that are bullish keep making positive comments here about the market and that has started affecting pricing.  I strongly believe that this year ending will be far better than last year.  I pray the spake in price continue as it has been happening before.

[Pursuer]

baffled by this sudden surge, as I couldn't find any positive news about Bitcoin in the mainstream media.

positive news? how about more than 6 months of accumulation with moderately stable price signaling (or rather shouting) an upcoming rise like this?

The BCH prices are also going up and nearing the $170 resistance level.

not it has not. in fact it has been dropping. it has dropped 10%
what you see in its USD price is the bitcoin price rise not the BCH price rise. it is a common thing with altcoins that have both btc price and usd price. BCH was worth 0.04BTC and when bitcoin started rising it got dumped hard down to 0.036BTC which is a 10% drop. but because it also has a USD price and bitcoin has gone up more than 10% you are seeing a fake USD price rise in it.

here is a chart to help you see the dump:
as you can see the BCH/BTC which is the real market got dumped while the BCH/USD went up but NOT equal to the dump amount which is another proof of the overall DUMP.

[Clark05]

I saw last few hours ago the value of the bitcoin reached $5000 value and I expect the price continue but it secrease now to $4700 value now but still good and I think the crypto market will start bull run and high chance now. The crypto market now are trending and the investors already see the market up and they will invest more their money to bitcoin.  Continue pumping thid time id our dream.

[bitbunnny]

I have to say I don't like much such sudden spikes in price. This usually doesn't end up well. I prefere slow and steady rise. Not it looks like we are very close to 5000$ but this could change in a moment so I wouldn't celebrate too early. It's yet to see if this is a start of new trend on the market or just short breath pump.

[Cnut237]

The main reason is that prices had been stable for a while, and a breakout either up or down was imminent. The fact that we've been trending gradually up for the last month or so meant a break upwards was more likely. The next test for BTC is to break the psychologically important $5,000 threshold, and then hold above it to set a new support level.

[gabmen]

The main reason is that prices had been stable for a while, and a breakout either up or down was imminent. The fact that we've been trending gradually up for the last month or so meant a break upwards was more likely. The next test for BTC is to break the psychologically important $5,000 threshold, and then hold above it to set a new support level.

Well it didn't take long tough for btc to hit it's head and draw back. We've had a lot of sudden spikes like that before and none werr sustained enough to establish a higher support point. Same thing with what happened now. But we're slowly moving in good direction

[Shinpako09]

There you go, the price finally makes it move from staying at $4k, to reaching $5k. Suddenly, the price went down again to $4700. I'd expect no less, maybe it's traders selling point but if ever the price reaches $5k again in the next run. Maybe it will stay there too like the scenario of $4k.

[onrise]

There you go, the price finally makes it move from staying at $4k, to reaching $5k. Suddenly, the price went down again to $4700. I'd expect no less, maybe it's traders selling point but if ever the price reaches $5k again in the next run. Maybe it will stay there too like the scenario of $4k.

So we are in the zone where the btc has started to rise and quickly covered 500 - 700$ in few hours itself. This is how volatility comes into play and btc rises the price and within couple of days you would see it has climbed couple of thousands dollars. So stay invested in this time tomake the gains work for you.

[Ararbermas]

Within this day bitcoin made a constant increase on the price but it suddenly stop again., I don't know the reason behind but for me probably only correction on the price which is will start to increase again soon IMO.  what guys do you think about that sudden fluctuation?  

[crzy]

At $4700 on Coinbase Pro right now! Just under $4600 on CMC!

An unexpected pump in just one day and for sure it will taste a small dump before we can confirm if its a bull or just another whale playing in the market. I’m happy to see my wallet on a green color, but I don’t want to expect more because this happen many times, we should remain focus.

[klaaas]

Indeed, this is just a pull up to maybe better bottoms but can fall as hard back to where it started. [big boys playing ?] If it holds up on the daily for longer times its getting grip on the rising side.

[tomahawk9]

I was expecting some sort of consolidation around the low 4k's for a few months, mainly because the 4.2k was the last resistance level and I thought it was going to be tough to break that mark.

Let's see if this pump triggers some sort of FOMO buying wave in the upcoming days,  if there's enough momentum I wouldn't be surprised if we test the 5k's by the end of the week, if we do go that high, then it's gonna be hard to predict the next stop since I don't think there'll be many sellers around the 5k's level since we'll be very close to 6k (the psychological barrier).

Market sentiment is bullish right now, but I'll rather take it slow, don't wanna get caught up in the hype just to get burned a few weeks later.