Another uptrend has shaped up trying to break $5600 again

[futile-resistance]

Well 5600$ has been broken, and i think the price will go to over 6000 $ this month with high chances to hit 7000$, and now bitcoin is still a good option to invest and hold for long for a higher profit.

I do not think that bitcoin prices will cross 7000$ anytime soon. We may now see some retracement in bitcoin prices. We have some support at 5500$ and a major support at 5150$. I think bitcoin will touch these support and then move up again to cross the 6000$.
Just remember that bitcoin will not go straight up without being Pull back.

Technical analysis is not always right in some cases in this crypto market, when bitcoin price hit $5000, same thing was speculated using technical analysis and many people expected a retrace back to $4500 or $4000, but did we ever foresee the fundamentals of Tether and bitfinex as having any positive effect on BTC price?

We never even expected the development that arouse through tether and bitfinex, so all these are just speculations, fundamentals could arose from any angle to change the whole story and you see FOMO pick the value to $7000, so we can’t say yet if there will be any retrace or not.

[BitHodler]

I think we have managed to hit second biggest day in bitcoin history as transactions. I couldn't find some sort of top 10 type of deal and I have been checking it on blockchain itself but from what I gather even our peakest of peaks we have been on average 300k or similar, we had one other day that was 490k transactions but right now I see that may the second had 450k which is insanely high if I am seeing it right.

It was a combination of an increase in hashrate and an increase in miners luck that made blocks be generated faster than usual. Right now we're hovering around 350k again, which is about normal for Bitcoin.

Bitcoin needs to scale more on-chain to push the number of transactions over that 450k mark consistently without relying on hashrate increases and whatnot. SegWit is stuck on a 20ish % block size increase for a while now....

[sana54210]

after the recent drama with Bitfinex and their Tether shenanigans which causes a short term backtrack we are once again on the rise heading over to $5600 to try and break it.
if it succeeds today we can see a big wave of FOMO to shoot the price above $6k easily in less than half an hour.
so far it seems like the buy power is strong enough to break it today. what do you think?

The price has already broken that $5,600 and we now have it at $5,700+. ICE has been loading up cryptocurrencies for their platform, Bakkt. I don’t really know when that is going to start work, but some has said it will be later this 2019, but no exact date on when it’s going to be.

The next resistance level for btc is $5,900 and once bitcoin reaches that level, there’s probably going to be a rush just like you have said, and that’s going to make the price of bitcoin to get above $6000 level. The way the price has been moving up recently, I’m sure this is going to be anytime soon.

[Tytanowy Janusz]

I don't really expect what people are calling "dominance" (falsely) to increase that much anytime soon because there still is an unbelievably huge supply of altcoins that bitcoin with its teeny tiny supply (in comparison) is being compared to when calculating that "dominance". on top of that they are injecting trillions of new coins into the circulation every day so despite their value loss they still are bloating the total market capitalization.
this is actually why it is not real dominance and that is why market cap is a worthless number.

Well...indeed total market cap of all coins is worthless. I even created topic for that: https://bitcointalk.org/index.php?topic=4454711.msg39856027#msg39856027

But in my opinion 65% bitcoin dominance according to what people call it is not that hard.
Currently total marketcap is equal to 185 bil, bitcoin is worth 102 bil, the rest of top 25 coins from CMC are worth 65 mil. We only need 25% alt/btc price drop ($16 bil) from top 25 CMC and bitcoin dominance will surge above 60%. In my opinion it is possible since most of those coins are close to supports. And we are taking into consideration only top 25 CMC. Those trillions new coins every day are for sure boosting MC but they are most often top 300 - top 500 CMC ($5-10 mil worth each). To cover $16 bil loss we will have to see 2200 new coins listed on CMC.

You are right. 75% is too much. But 65% is plausible.

Well as you can see after only 1 week bitcoin domination has increased to 58% from 55%. 2 - 3 similar weeks and we will reach 65%. https://coinmarketcap.com/charts/#dominance-percentage All top 100 altcoins are loosing 5-10% daily (alt/btc price).

[talkbitcoin]

... All top 100 altcoins are loosing 5-10% daily (alt/btc price).

i am always fascinated by this because all day long you hear how everyone is "believing" in altcoins and creating "portfolios" thinking they are holding valuable assets but as soon as bitcoin price starts rising, all of them show their real faces by dumping all those altcoins and coming back to bitcoin.

that is why i always tell people to look at the market instead of what people say online, the market can never lie but people can.

[Kemarit]

... All top 100 altcoins are loosing 5-10% daily (alt/btc price).

i am always fascinated by this because all day long you hear how everyone is "believing" in altcoins and creating "portfolios" thinking they are holding valuable assets but as soon as bitcoin price starts rising, all of them show their real faces by dumping all those altcoins and coming back to bitcoin.

that is why i always tell people to look at the market instead of what people say online, the market can never lie but people can.

People are greedy, then will immediately jump on the bandwagon when they here or see something is brewing. Just like the days of ICO's, people started to buy tons of altcoins and hope that they will get a huge windfall. But now it's totally dead and when Bitcoin price suddenly goes and break barriers, they switch back, dump their shitcoins. That's why the dominance of bitcoin keeps going up as well.

[Tytanowy Janusz]

Most of the alt holders are starting to transfer their funds back to bitcoin.

Starting? They are dumping alts at least for 2 months dumping them 30-50% (alt/btc price). Most of alts are very cheap today but they will be even cheaper.
Rule is simple. When bitcoin is boring speculants trade btc/alt boosting alt price. When volatility is coming back to bitcoin speculants sells alts to trade on bitcoin. Thus unless bitcoin will calm down there won't be recover on alts. I think that bitcoin will show now who is the king of crypto and dominance will grow to 65-75%.

I don't really expect what people are calling "dominance" (falsely) to increase that much anytime soon because there still is an unbelievably huge supply of altcoins that bitcoin with its teeny tiny supply (in comparison) is being compared to when calculating that "dominance". on top of that they are injecting trillions of new coins into the circulation every day so despite their value loss they still are bloating the total market capitalization.
this is actually why it is not real dominance and that is why market cap is a worthless number.

We just break 65%. So i was right than Sadly i didn't earn on that.