Bitcoin Blips Above $6,700, Crypto In Disbelief
No. Way. Bitcoin (BTC) just hours ago moved above $6,700 and even flirted with $6,800 on some crypto exchanges. Although many have been absolutely enamored with this move, some have been left asking: Is the cryptocurrency moving too far too fast?
Over the past five weeks, Bitcoin has been in a decidedly bullish trend. Ever since the asset broke past the key $4,200 resistance level and its 200-day moving average, some, like Fundstrat’s Tom Lee, have proclaimed that BTC was in a “bull market”.
But few, very few, expected the digital asset class to move as fast it has in the past weeks. In the past month alone, BTC is up by over 50% — gains reminiscent of 2017’s rally. Yet here we are. And interestingly, a move even higher might just be in Bitcoin’s cards.
As industry researcher Willy Woo remarks, if a short squeeze comes to life, BTC would see a “blow-off”, whereas prices explode within a short period of time, before a retracement. This is because such squeezes require short-sellers to “buy back at market price,” creating instant buying pressure.
Source:
https://www.newsbtc.com/2019/05/11/analysts-roar-bitcoin-tops-6700-crypto-rally-sustained/This can be truly an exciting time for Bitcoin so much so that even people who are thriving in the cryptocurrency market are expressing some disbelief of its continuing upward trajectory. Well, it is good to be surprised for good, anyway. And Bitcoin is just showing its well-known unpredictability side here...something that is really making it more pulsating and just beautiful...that is if you are a holder or a trader.
Will this be the signal that days from now more and more people will be joining the Bitcoin bandwagon...which in turn can fuel more speculations on the market? Or have we already learned of the mistakes of the past?
