What is behind the past few days of rally?

[Pipdips]

It is all green candles. Up up up. Why? Is there any news to shed some light on this? The price will probably fall fast now. I think this green streak is not going to last for long.

[The Sceptical Chymist]

Looks to me like the bull run is resuming like I figured it would.  Bitcoin had its correction after getting to $12k or whatever the price was, but it was only a dip.  The overall trend seems to be upward, and I kind of assumed that after that dip we wouldn't see bitcoin drop again--and it didn't.

I'm not sure there's any other 'why' here.  It could be related to interest rates dropping.  When that happens, prices of various investments tend to go up as more people start buying on margin....but who knows.  There doesn't have to be a concrete explanation for every price movement.  Obviously investors are buying up bitcoin again and that's good enough for me. 

[serjent05]

It is all green candles. Up up up. Why? Is there any news to shed some light on this? The price will probably fall fast now. I think this green streak is not going to last for long.

I have read one article that may answer your question and here is some quote from that article:

“UPDATE: Bitcoin is performing as designed during times of global instability.”

"The market response to the depreciation of the yuan and capital flight controls imposed on Chinese citizens really emphasizes the value proposition of Bitcoin and what an increase in demand can do to price when there is such a limited supply on offer to the market [...] Bitcoin could easily continue to surpass expectations for the remainder of 2

You can read the full story here : https://cointelegraph.com/news/current-bitcoin-price-rally-could-have-real-legs-novogratz

[Pipdips]

Looks to me like the bull run is resuming like I figured it would.  Bitcoin had its correction after getting to $12k or whatever the price was, but it was only a dip.  The overall trend seems to be upward, and I kind of assumed that after that dip we wouldn't see bitcoin drop again--and it didn't.

Back down to $9,700 in 1-2 days from now.

You can read the full story here : https://cointelegraph.com/news/current-bitcoin-price-rally-could-have-real-legs-novogratz

Thanks for the link.

[Theb]

The movement we are seeing now is more technical in nature rather than a news related one. Bitcoin for almost a week or two have denied to go down below 9,000$ making the bears' position the the market weaker thus making the bulls gain momentum at the same time. The breakout happened because the market denied the possibility of this bull market to end prematurely. Right now the RSI is on the oversold level but I don't expect it to go down below 11,000$ but simply consolodate in that area.

[jrrsparkles]

It is all green candles. Up up up. Why? Is there any news to shed some light on this? The price will probably fall fast now. I think this green streak is not going to last for long.

I don't see any news either when we met price fall recently as well.

But my opinion on the price raising is due to the inflation rate increase on dollars so people think that they need to store their value of dollars so they are buying bitcoin so it is like adoption or long term investment.

[Pipdips]

Two big time things I know about Bitcoin:

1) It is manipulated big time.
2) Bitcoin news is usually toxic, big time.

Everything else is just speculation.

[figmentofmyass]

It is all green candles. Up up up. Why? Is there any news to shed some light on this? The price will probably fall fast now. I think this green streak is not going to last for long.

short squeeze, relief rally, bull trap, bubble---take your pick. the jury is still out, methinks. whatever the case, the selling pressure that drove the selloff to $9100 evaporated.

it's too early to say whether we're really resuming the bull run yet. we have still yet to break the downtrend line (from the $13.8k and $13.2k highs) so the bull trap possibility is still in play.

but you should at least be open to the idea that the bull run is continuing. if we're headed to $20k right now, you don't want to be waiting around forever for the $8000s. it's easy to become a spectator in this market after you sell and the market moves against you. i know from experience.

[Saint-loup]

It is all green candles. Up up up. Why? Is there any news to shed some light on this? The price will probably fall fast now. I think this green streak is not going to last for long.

I have read one article that may answer your question and here is some quote from that article:

“UPDATE: Bitcoin is performing as designed during times of global instability.”

"The market response to the depreciation of the yuan and capital flight controls imposed on Chinese citizens really emphasizes the value proposition of Bitcoin and what an increase in demand can do to price when there is such a limited supply on offer to the market [...] Bitcoin could easily continue to surpass expectations for the remainder of 2

You can read the full story here : https://cointelegraph.com/news/current-bitcoin-price-rally-could-have-real-legs-novogratz

I agree with you. For me it's clearly the yuan devaluation that triggered the bull run.

"Another is the fall in the Chinese Yuan which has dumped below 7 against the dollar, its lowest level in a decade. According to a CNN report this morning, the Yuan weakened sharply after the People’s Bank of China set its daily reference rate for the currency at 6.9225. The central bank cited ‘trade protectionism and new tariffs on China’ as its reasoning for the slide."
"Bitcoin has had a monumental morning on the Asian trading session. "
https://bitcoinist.com/is-china-loading-up-on-bitcoin-as-yuan-gets-crushed/

[veleten]

It is all green candles. Up up up. Why? Is there any news to shed some light on this? The price will probably fall fast now. I think this green streak is not going to last for long.

well it wasn't all green candles not so long ago , we had a 9100$ dip
overall its a bullish sentiment for this year and corrections are expected , even 20-30% is not surprising anymore and considered "normal" for bitcoin
the reasons behind it could be many : global trade wars with uncertainty about fiat currency , China and USA are at it again
Libra introduction and potential regulation of cryptocurrencies , businesses are getting on board, declaring experimental support for cryptocurrencies
institutional investments are going up Jp Morgan and the likes , I'm sure are diversifying and buying coins  (even if they do not say they do ) - take your pick

in reality ... we do not know , I saw 5000 coins bought across top exchanges once the price hit the bottom of 9100 several days ago
so it could be all games and manipulation of one or many big players

[TheNewAnon135246]

Looks to me like the bull run is resuming like I figured it would.  Bitcoin had its correction after getting to $12k or whatever the price was, but it was only a dip.  The overall trend seems to be upward, and I kind of assumed that after that dip we wouldn't see bitcoin drop again--and it didn't.

Back down to $9,700 in 1-2 days from now.

I wouldn't mind buying another dip but I doubt it. This whole USA-China trade war etc. is really good for BTC.

[EdenHazard]

Pomplino was said this is just the beginning, bitcoin price will increase to 100k in the next year. I saw a few article who made by some expert and most of them just says bitcoin will up again. Even some of them was said that $11.000 will be use as a lower price and we can't see its price will fall below $11.000.

The next price will be targeted is $15.000 for the end of this month and will be up again after that. The strong buy has spreading up to the market at this time before its price met a correction and has fallen to $9000 and made the price as a support. Mass adoption will come to this market sooner or later in my humble opinion, such as Jack Dorsey who told 'we love bitcoin' on his twitter acount.

If you want more some information who made bitcoin price going up at this time you can see on this thread https://bitcointalk.org/index.php?topic=5172425.0

[arpon11]

It is all green candles. Up up up. Why? Is there any news to shed some light on this? The price will probably fall fast now. I think this green streak is not going to last for long.

On 28 or 29 July bitcoin find a bottom just the same way it happened in February this year and it is a trend reversal signal! I have been following my trading indicators and I make a post here that "the 50moving average is the only resistance bitcoin has to create another moon and that happens on Friday last week. Since then it has been moving up and it will soon cross $15,000 maybe by the weekend as the is not strong reasons why this should not happen.

[Kakmakr]

I think a lot of international traders on global markets are running to commodities that are perceived as safe havens after the latest Trump governments announcement that it would impose more trade restrictions on Chinese imports. That triggered an announcement from the Chinese government that it would put further restrictions on US Agricultural imports.

Now, the whole trade war issue is forcing traders to shift some of their investment capital into safe havens to hedge against a possible devaluation of their total investment portfolio.

Is this a safe option... well time will tell. 

[ene1980]

It is all green candles. Up up up. Why? Is there any news to shed some light on this? The price will probably fall fast now. I think this green streak is not going to last for long.

As per the forbes article the trade war between US and China is the reason for the price of bitcoin to rise, i am not sure how accurate that is but with every market movement some article comes up with a reason for the price increase and there is no way to know whether those articles are true or just another speculation just to satisfy the readers . One thing is certain that the US has implemented strict regulations on Chinese products and Yuan value have gone down against the US dollar.

[CryptopreneurBrainboss]

Don't be decieve by any article you read, this rally wasn't fueled by any event, news or whatever those articles presume to have caused the spike in price. It's just a simple market reaction to the past weeks of bear. This would continue (speaking of the correction and upward price rally) until we approach the halving period before full FOMO will step in to skyrocket the price to a new ATH or closer to the current ATH.

I don't get why the media hype every $1000 bitcoin gains, it isn't that much if you ask for my opinion. Just wish the media can stay silent and let the market decide without any influence.

[buwaytress]

Looks to me like the bull run is resuming like I figured it would.  Bitcoin had its correction after getting to $12k or whatever the price was, but it was only a dip.  The overall trend seems to be upward, and I kind of assumed that after that dip we wouldn't see bitcoin drop again--and it didn't.

I'm not sure there's any other 'why' here.  It could be related to interest rates dropping.  When that happens, prices of various investments tend to go up as more people start buying on margin....but who knows.  There doesn't have to be a concrete explanation for every price movement.  Obviously investors are buying up bitcoin again and that's good enough for me. 

I did think the upwards trend stayed true for the most part, but didn't July somewhat halt that in its tracks? Pretty sweet to see such rabid growth on the back of a lot og economic FUD. I actually thought it wasn't going to react at all when stocks took the plunge but Bitcoin remained inert.

I'm still not fully convinced this isn't just another leap designed to book yet more quick profits for those vultures watching sub 10k!

[Indamuck]

Bitcoin often goes up without any significant news.  It is just the nature of the crypto market.  I wouldn't be surprised if bitcoin is over 15k and ethereum is over 500 within the next month or so.  I still think it is a great time o buy because I really doubt bitcoin will go under 10k again.

[Oceat]

Bitcoin often goes up without any significant news.  It is just the nature of the crypto market.  I wouldn't be surprised if bitcoin is over 15k and ethereum is over 500 within the next month or so.  I still think it is a great time o buy because I really doubt bitcoin will go under 10k again.

I am not that optimistic as you right now since i still have a doubt that it could be another bull trap again since the price was spiking really fast recently unlike when the price dropped. I still think that this might be a quick reaction of the market since it just came from price correction lately.

I still think that we will see that $10k again when Bitcoin starts to correct its price.

[Lucius]

Whether it's something that happens in the background, or it's just something completely normal for Bitcoin - the most important thing is that we have more buyers then sellers, and buying power is push price up.

Story about halving is always tickles the imagination of people, and I am sure some big players don't want to miss the next big chance to profit on probably huge price increase. So every time they buying, we see price is going up, and after that many small investors take some profits which bring price down.

It is hard to say if stock or oil market have anything with Bitcoin price, or USA/China/Iran/Hong Kong events which certainly affects whole world today. I think Bitcoin is new player in this big game, and it is still looking for his place.

I still think it is a great time o buy because I really doubt bitcoin will go under 10k again.

Don't be so sure about that, just a few days ago we were below $10k, and this can very easily happen again.