[2019-05-22] Bitcoin Recovers to $8,000 - Why The Market Sentiment Is Now Differ

[ruthbabe]

Bitcoin Recovers to $8,000 – Why The Market Sentiment Is Now Different

Earlier last week Bitcoin reached an important resistance level of around $8,300 and with many expecting a decisive move to occur, either way, BTC fell in price and even dropped as low as $6,400. However, what was interesting to observe was just how quick BTC managed to recover when many expected the decline in price to continue.

Bitcoin to remain Bullish?

The recent drop in Bitcoin’s price and rapid movement up indicates that there were a lot of buyers interest in the $6,400 region which pushed priced back up to its current levels. A sign to suggest that we currently remain in bullish sentiment.

SOURCE

What is your opinion on this news article? Do you think Bitcoin will remain bullish? Currently, Bitcoin is down 0.83% and trading at around $7,844.01 with $138,959,092,498 market cap at the time of writing.    

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[CryptoBry]

I am with the rest of the bitcoin community that we are in a very bullish stage so that if there can be a dip bitcoin can immediately recover as there are many buyers just waiting on the sideline looking for the right opportunity to get in with the bandwagon. Now, from here, analysts are looking whether it is moving sideways for some days or will there be enough gas left to move towards $8,500 or maybe even $9,000. The overall market sentiment is positive for bitcoin and the gloom which overtook the market early 2019 that was already gone so much so that bitcoin is not anymore listening to critics no matter how famous is the one who issued an adverse statement.

[Betwrong]

I think the quick recovery from dropping to $6,400 (because of the 5,000 BTC sell order on Bitstamp) is a very good sign. We will surely see more similar sell orders in the nearest future, but hopefully, due to high demand, recovery will not take long in those cases too.

There are two types of Bitcoin investors: those who are determined to make profits in a short term and the long-term investors. It is no wonder that the former are trying to sell as much as they can these days, because Bitcoin cost more than two times less ($3,750) than today less than 3 months ago, on March 5. But for the long-term investors it's obvious that they can safely buy anything below $10k to be in profit in the future.

[LeGaulois]

I don't know what the article is talking about but I haven't seen the $6,300 price during the past week (but move on). We got a $1,000 decrease during, what? 24 h? Bitcoin can do this within 12h or less, we all noticed recently the 'high volatility' coming back like during the ATH but it almost stopped once we got the $8,000 check the article graph (except during a day).
And I don't think it can be explained just with the CME Futures as the article points out. It started in April, not 2 weeks ago.

[Kemarit]

Hmm, did it really drop at $6400 levels? Anyways, the price is still around $7800-$7900, indicating that we are still somewhat in the bullish trend, trading volumes is also comparable to a bullish sentiments. So for those who have book their profits around $8300 then good for them. However, if we are going to look at our investments for the long term, then I would rather prefer at last 5 digits to maximize my gains. CME futures effect? Nah, it's just minor, even the Binance hacks didn't put a dent on the market price. So definitely, the market sentiments is very different now and we might be out of the bear's claw.

[davey76]

Whales with big bags just manipulated the market for some days, now it is returning to normal again.

[Slow death]

the price is behaving very well, contrary to the past where every time the price rose days later we had a great price drop.



no offense, but it seems that this Cryptocurrency writer who wrote this article has spent the whole day on twitter waiting for some analysis of someone famous