Bitcoin back to $8000

[Qcrypto]

After the Coronavirus pandemic and drastic price drop, Bitcoin is back in full force.
Just this morning a burst of buyouts propelled Bitcoin price over $8000 and working it's way towards $10 000 and higher highs.

Looking back, the price has been climbing steadily for a month or so...



Next stop, HALVING.

[DeathAngel]

Yep, all the weak handed people with no balls sold due to COVID19 panic. The brave people will be rewarded, always do the opposite of what the majority of people are doing.

[exstasie]

Yep, all the weak handed people with no balls sold due to COVID19 panic. The brave people will be rewarded, always do the opposite of what the majority of people are doing.

What do you think the majority of people are doing right now?

Here's a look at open interest distribution on Bitfinex. Shorts are in red, longs are in green:



Just like most people were panicking in mid-March, most people are getting greedy now. Don't get me wrong, I am not declaring the top yet. However I did close half my longs and I will be quick to take profit on the rest. We're approaching some pretty significant technical resistance.

[mahilchii]

This is the beauty of BTC if it starts pumping the value keeps going and you cannot expect the same in other tradings or investment, similarly the same happens if the value drops which means extremely volatile.

I am wondering what the value of BTC will be in halving, however it's better not to be too much over confident as it will end up in vain. I am just enjoying every price movement.

[GreatArkansas]

Yep, all the weak handed people with no balls sold due to COVID19 panic. The brave people will be rewarded, always do the opposite of what the majority of people are doing.

What do you think the majority of people are doing right now?

Here's a look at open interest distribution on Bitfinex. Shorts are in red, longs are in green:

https://i.imgur.com/OcYmPkO.png

Just like most people were panicking in mid-March, most people are getting greedy now. Don't get me wrong, I am not declaring the top yet. However I did close half my longs and I will be quick to take profit on the rest. We're approaching some pretty significant technical resistance.

Kinda scary af.
A lot of bears got liquidated on this pump of Bitcoin recently.
But still, we have not sat on multiple horizontal resistance. I want again to Bitcoin to do what she did like few weeks ago, even there are no such price actions upwards, as long as it stays around support, it's good. Now after we broke $8,000, I hope we will create strong support here.

[cafetools]

Yes, the day BTC crashed to $3500 I was at the bank depositing money. I got some at $5k, wish i got more at that price though. I would have saved a lot.

[BlackFor3st]

After the Coronavirus pandemic and drastic price drop, Bitcoin is back in full force.
Just this morning a burst of buyouts propelled Bitcoin price over $8000 and working it's way towards $10 000 and higher highs.

Looking back, the price has been climbing steadily for a month or so...



Next stop, HALVING.

It is currently sitting at 8.7k$ already and I am impressed that it was able to gain a solid 12.43% change in just 24 hours. This only mean that halving really is something, what I expected is for bitcoin to run around 8-9k$ upon the halving but in just 2 days my expectation was broke easily.

I misjudge how powerful the incoming halving is, if this will continue we can surely see the bull season this year even if we are currently facing a pandemic still it is not enough to bring down the spirit of the investors especially the big whales out there. If this will continue to grow until the halving comes then we can expect to easily cross the 10k$ bitcoin price and we will likely to hit 12k$ once the halving occur.

[Qcrypto]

BTC just crossed $9000 and raging.
I was watching it happen live on Binance at the exact moment.

There was a buyout order of around 350 BTC at the $9000 price point, thats about $3 000 000 worth of Bitcoin. It swallowed it whole in a matter of seconds and kept going up.

At the time I'm writing this BTC price is at $9190...

It's crazy

[michellee]

BTC just crossed $9000 and raging.
I was watching it happen live on Binance at the exact moment.

There was a buyout order of around 350 BTC at the $9000 price point, thats about $3 000 000 worth of Bitcoin. It swallowed it whole in a matter of seconds and kept going up.

At the time I'm writing this BTC price is at $9190...

It's crazy

At the time I write this, BTC price is at $8,894 range, and the price still struggles to increase, but it seems, the price wants to get another support or make a correction for the price.

We can hope that bitcoin can hit $10k in the next month, so before the halving comes, the price can be above $10k. Hopefully, the price can stay at $11-$13k.

[sunsilk]

BTC just crossed $9000 and raging.
I was watching it happen live on Binance at the exact moment.

There was a buyout order of around 350 BTC at the $9000 price point, thats about $3 000 000 worth of Bitcoin. It swallowed it whole in a matter of seconds and kept going up.

At the time I'm writing this BTC price is at $9190...

It's crazy

If he decided to get short term profits, he already did when bitcoin was able to reach $9300 and so on for awhile. And there's a little bit of correction that's happening currently but compared to the prices yesterday and for few days ago, we're still in a better price and profit. $8,808 as I see it.

Are there folks that decided to take short term profits when it's peaked today? it's not that bad to take profit when it reached the highest that it can for the meanwhile but it doesn't mean that it won't go back there and even higher.

We can hope that bitcoin can hit $10k in the next month, so before the halving comes, the price can be above $10k. Hopefully, the price can stay at $11-$13k.

$10k is reachable by the time of halving but don't be hurt if it won't. Bitcoin's still not yet on its stabilize price.

[The Sceptical Chymist]

Just this morning a burst of buyouts propelled Bitcoin price over $8000 and working it's way towards $10 000 and higher highs.

I'm not so sure about the part that I bolded above.  Yes, bitcoin does appear to be moving distinctly upward, but we all know that it could crash down to $6k or lower by the end of the week--and that's just how bitcoin behaves.

I tend to think there's a wee bit of FOMO in traders' heads at the moment, and that's driving bitcoin's price higher.  Not sure how much the halving has to do with it, and I don't think there's any good way to tell except for the fact that it's quickly approaching.  It'd be great if bitcoin could get to $10k this year, but I've had my doubts about that ever since the viral outbreak.  Still, the market looks kinda-sorta promising right now and I think it could happen.

[freedomgo]

Another surprised here, I like it but I am not as excited now as I was before, I got used to this kind of sudden movement of bitcoin, if the pump continues then it's good but I doubt it would happen, I think this is just a bull trap, unless bitcoin would touch $10,000.

[judaspriest]

happy to see the price of Bitcoin can return at the level of $ 8000- $ 9000,
if it can hold in this zone I assume that the crypto market will improve until next year, stay cautious and stay safe  

[Kong Hey Pakboy]

It is really suprising that bitcoin have reach it's price to $8,000-$9,000 earlier because it is really unexpected, that is why i am really decided to hold and wait for bitcoin's price to increase more until it reaches to $20,000 again, and to maintain my long term investment. I also think a lot of people could be selling their bitcoin's earlier because of it's sudden movement.

[Bezobraznike]

It is really suprising that bitcoin have reach it's price to $8,000-$9,000 earlier because it is really unexpected, that is why i am really decided to hold and wait for bitcoin's price to increase more until it reaches to $20,000 again, and to maintain my long term investment. I also think a lot of people could be selling their bitcoin's earlier because of it's sudden movement.

   For some people $8k is a surprise, for me even $20k will not be surprise, I know that Bitcoin can do it, and
Bitcoin will do it one day! For me it's just a question of time!
   Kong Hey Pakboy a lot of people is trading, trying to make some profit. I think hard truth is that many people
losing, and just few make money. I don't want to get in that circle, I invest and hold for long-term. I really hope
that one day I will not have to sell, I will use my coins and they will worth a lot.

[michellee]

We can hope that bitcoin can hit $10k in the next month, so before the halving comes, the price can be above $10k. Hopefully, the price can stay at $11-$13k.

$10k is reachable by the time of halving but don't be hurt if it won't. Bitcoin's still not yet on its stabilize price.

You are right. After I see bitcoin price at the market, it seems, the bitcoin correction is around $8,600-$8,700, but it could be down for more if people panic because of some bad news. I wish that $10k is reachable in the time of halving, and it will not go down below than $10k if the price is a correction. But we don't know about that.

[GreatArkansas]

We can hope that bitcoin can hit $10k in the next month, so before the halving comes, the price can be above $10k. Hopefully, the price can stay at $11-$13k.

$10k is reachable by the time of halving but don't be hurt if it won't. Bitcoin's still not yet on its stabilize price.

You are right. After I see bitcoin price at the market, it seems, the bitcoin correction is around $8,600-$8,700, but it could be down for more if people panic because of some bad news. I wish that $10k is reachable in the time of halving, and it will not go down below than $10k if the price is a correction. But we don't know about that.

To be honest, in my own opinion, I don't have any feelings to see $10,000 before the block halving. The dump after we reached above $9,300+ was a sign already for me, we rejected to climb above there. I am also a bit worried now if we will continue to fall these coming days. Thus, I don't have any intentions to open any trades on these days or at these price levels.

[okala]

Bitcoin is doing well and that is the day it ought to perform in time like this. I have seeing the possibility of bitcoin getting to $12,000 before the halving.

[Wexnident]

It's actually quite a significant increase from 7k. If we were just to look at it's the highest point in the recent days, it basically had around $2.4k increase from $7k to $9.4k. Naturally, I really doubt it would hold down the fort at that point and look at it standing at around $8.7k. Ofc, if we were to look at it from a 24H point, the price increase was around $1.4k but nonetheless, it's quite a big point for BTC to be able to go back to what it once was before the Coronavirus drop happened ( Just decided to call it that since that's when the lockdowns became prevalent.) It was both unexpected and expected at the same time, just that it happened in one single day which is a negative for me. I hoped it'd be a steady growth instead so it can hold on to that place before pushing again once more.

[Jating]

It's actually quite a significant increase from 7k. If we were just to look at it's the highest point in the recent days, it basically had around $2.4k increase from $7k to $9.4k. Naturally, I really doubt it would hold down the fort at that point and look at it standing at around $8.7k.

It didn't hold up, the growth was not sustainable obviously, as a lot of long position got liquidated around $9.4K so we are back to $8700-$8800, but I think we are still in the bullish zone as the selling had stop already.

Ofc, if we were to look at it from a 24H point, the price increase was around $1.4k but nonetheless, it's quite a big point for BTC to be able to go back to what it once was before the Coronavirus drop happened ( Just decided to call it that since that's when the lockdowns became prevalent.) It was both unexpected and expected at the same time, just that it happened in one single day which is a negative for me. I hoped it'd be a steady growth instead so it can hold on to that place before pushing again once more.

I would say that it is just a matter of time before we can see the price where it should to be before this pandemic messed. And so it shows how the market or at least bitcoin can be good in the long run. Almost 8 weeks if I'm not mistaken, after the scare, we are back again and getting stronger, specially that in about 10-11 days we're going to hit a big milestone.

[crwth]

People who sold probably needed the money or not all out Bitcoin supporters. It's just that simple. Anyways, having Bitcoin back at such a reputable level like $8000 - $9000 is significant because most of the traders would think that it will break resistance soon and it did. Now a lot of traders are making it seem that there is pullback happening and I think there would be. Let's see what happens when halving is done.

[sunsilk]

We can hope that bitcoin can hit $10k in the next month, so before the halving comes, the price can be above $10k. Hopefully, the price can stay at $11-$13k.

$10k is reachable by the time of halving but don't be hurt if it won't. Bitcoin's still not yet on its stabilize price.

You are right. After I see bitcoin price at the market, it seems, the bitcoin correction is around $8,600-$8,700, but it could be down for more if people panic because of some bad news. I wish that $10k is reachable in the time of halving, and it will not go down below than $10k if the price is a correction. But we don't know about that.

Yes it did.

This is the reason that I'm still happy because those who have missed the high prices can still buy it at cheaper price. We saw this many times and I think it's time for those guys to decide to buy while it corrected because if they missed it again, we may see a higher low next time if they don't decide to buy at these times.

And some of those people that sold at the high price yesterday are still happy because they've bought under the price that they've sold. That's an easy and quick profit for them which they can easy buy back from the profit they had.

[mahilchii]

It was really good to see BTC broke the 9k barrier even in this pandemic as no one expected this pump, when it went nearly 4k before few weeks I was really disappointed and worried. However I waited for longtime to see a change in BTC price but I never expected the price will go up so soon, now I believe the halving might be the turning point of this chapter.

[Oasisman]

People who sold probably needed the money or not all out Bitcoin supporters. It's just that simple. Anyways, having Bitcoin back at such a reputable level like $8000 - $9000 is significant because most of the traders would think that it will break resistance soon and it did. Now a lot of traders are making it seem that there is pullback happening and I think there would be. Let's see what happens when halving is done.

The short pullbacks seems like a norm whenever there's a huge price leap or even when Bitcoin breaks the resistance level, people tends to quickly sell, plus the short traders are doing so as well. However, Bitcoin showed a good strength at bouncing back to $9,000 level.
The block halving still gives a good hope for the investors, as we can see, Bitcoin doesnt seem to be slightly affected by the pandemic, when i fact It was slightly affected during the rise of pandemic.

[Dr.Osh]

better. it looks like the price of bitcoin is now above $ 9k. I really hope the price of bitcoin continues to rise and survive, even more so at the price of $ 10k. yeah, soon halving will arrive soon. I hope the price of bitcoin will start at $ 10k at the start of halving. it makes a strong push for higher prices if there is a pump after that.

[peter0425]

actually its $9000 but now yeah its back to 8k again but close to 8,900 and it can go climb 9k once there is a  good news because of this coming halving.

better. it looks like the price of bitcoin is now above $ 9k. I really hope the price of bitcoin continues to rise and survive, even more so at the price of $ 10k. yeah, soon halving will arrive soon. I hope the price of bitcoin will start at $ 10k at the start of halving. it makes a strong push for higher prices if there is a pump after that.

Where did you check that above 9k?lol we are below that level since early in the morning so it can dump sooner or not.

[bitgolden]

I am sure halving had something to do with this. I am not saying it is purely because of that, but I am sure it is a bit about it for sure, even if not fully. Some say that miners actually wanted to pump up the prices a bit so they could sell their mined coins a bit higher very soon, with the halving happening so soon they could just make people think that price is going up a lot, and that would create this snowball affect and people would keep increasing the price for them while they start to sell.

I do not really buy it, I think this is purely the buyers who realize that bitcoin will be a lot more valuable soon, but that doesn't mean that I am right, that is just what I think but maybe I am wrong and the other people who thinks miners did it is right.

[Dr.Osh]

actually its $9000 but now yeah its back to 8k again but close to 8,900 and it can go climb 9k once there is a  good news because of this coming halving.

better. it looks like the price of bitcoin is now above $ 9k. I really hope the price of bitcoin continues to rise and survive, even more so at the price of $ 10k. yeah, soon halving will arrive soon. I hope the price of bitcoin will start at $ 10k at the start of halving. it makes a strong push for higher prices if there is a pump after that.

Where did you check that above 9k?lol we are below that level since early in the morning so it can dump sooner or not.

Actually, I saw yesterday that 1 bitcoin price reached $ 9k at preev.com, but it was only a glance. You can also see it in tradingview on May 1 in the Biybay exchange sub-menu. but the chart is also just a glance. maybe this is what triggers preev to record the price of bitcoin on the 1st may be $ 9k. I therefore write a price of $ 9k. it's just that the price changes so quickly, and returns stable at $ 8k.

[CryptopreneurBrainboss]

People who sold probably needed the money or not all out Bitcoin supporters. It's just that simple.

Possible but I'll say they were more just afraid and probably fud into selling due to the numerous news publication of the economy collapsing and as other market has also experience some downward thread, they predicted the cryptocurrency market also following the trend. For users that predicted correctly then bought the dip after selling, lucky them as the market has recovered quite well giving them some good price gains.

Currently bitcoin is trading above $8k and there's every room for more growth. Achieving a price above $10k before the halving date can't be written off considering just few days back, bitcoin achieved an increase of $1k+ in 24hours and if that was to repeat itself again, bitcoin will be trading above $10k.

[michellee]

To be honest, in my own opinion, I don't have any feelings to see $10,000 before the block halving. The dump after we reached above $9,300+ was a sign already for me, we rejected to climb above there. I am also a bit worried now if we will continue to fall these coming days. Thus, I don't have any intentions to open any trades on these days or at these price levels.

If the price cannot climb to $10k, I am okay and feel that is hard to reach it right now because the price seems doesn't want to increase higher. But if the price can back to $9k level, I think that price can be stable first before halving. We wish that the price does not continue to fall when we almost see the halving because that can make some people out there panic and sell their bitcoin faster without thinking about the bouncing time.

Yes it did.

This is the reason that I'm still happy because those who have missed the high prices can still buy it at cheaper price. We saw this many times and I think it's time for those guys to decide to buy while it corrected because if they missed it again, we may see a higher low next time if they don't decide to buy at these times.

And some of those people that sold at the high price yesterday are still happy because they've bought under the price that they've sold. That's an easy and quick profit for them which they can easy buy back from the profit they had.

I think some people are afraid to enter the market because they think that the market moves cannot be predicted, and they worry if when they buy bitcoin, that is a trap for them. In my discussion late at night with some of my friends, we guess that bitcoin can be in a sideways for temporary, and bitcoin itself is waiting for more support and back up. But I believe that many people can use the time to sell their bitcoin at a high price yesterday so now they can buy more bitcoin, and wait for another high price.

[YuginKadoya]

It is not new anymore, that the price might fall down again and pretty much many are expecting this to happen the people that are ready about it is not so shocking because fluctuation really works that way, we are still in the midst of the pandemic and many are still needing money for their everyday needs so this is nothing to be awe about.

But aside from this Halving is near many people are ready about this and many are simply too weak to handle a hold with patients that is why expect a pretty fast sudden sway on the price of bitcoin and other cryptocurrencies.

[Naida_BR]

People who sold probably needed the money or not all out Bitcoin supporters. It's just that simple. Anyways, having Bitcoin back at such a reputable level like $8000 - $9000 is significant because most of the traders would think that it will break resistance soon and it did. Now a lot of traders are making it seem that there is pullback happening and I think there would be. Let's see what happens when halving is done.

9000 is the level which is going to show if we break it early what it is going to happen before halving.
It is sure that the price is going to go a lot of higher when the halving event is going to take place.
I thought that the price is going to be dropped when it was around 7k before heading to 9k but this didn't happen.

[sunsilk]

Yes it did.

This is the reason that I'm still happy because those who have missed the high prices can still buy it at cheaper price. We saw this many times and I think it's time for those guys to decide to buy while it corrected because if they missed it again, we may see a higher low next time if they don't decide to buy at these times.

And some of those people that sold at the high price yesterday are still happy because they've bought under the price that they've sold. That's an easy and quick profit for them which they can easy buy back from the profit they had.

I think some people are afraid to enter the market because they think that the market moves cannot be predicted, and they worry if when they buy bitcoin, that is a trap for them. In my discussion late at night with some of my friends, we guess that bitcoin can be in a sideways for temporary, and bitcoin itself is waiting for more support and back up. But I believe that many people can use the time to sell their bitcoin at a high price yesterday so now they can buy more bitcoin, and wait for another high price.

It's the normal behavior of bitcoin that it is very unpredictable ever since. So, if that's the reason why they don't want to enter then bitcoin isn't for them and it will never be. But if they accept that bitcoin has been like this since the start, take the risk then.

You can say it will go the other way and side ways, we're all predicting the market and we have no crystal ball to tell the next direction of it.

[sana54210]

People who sold probably needed the money or not all out Bitcoin supporters. It's just that simple. Anyways, having Bitcoin back at such a reputable level like $8000 - $9000 is significant because most of the traders would think that it will break resistance soon and it did. Now a lot of traders are making it seem that there is pullback happening and I think there would be. Let's see what happens when halving is done.

Not every single person who sold when the price was low either needed money or not supportive of bitcoin. First of all if that person was not really supportive of bitcoin, why did they actually bought it to begin with, they must have actually thought bitcoin is cool before they invested in it I think.

Plus people who needed the money and sold can't be the cause of a huge drop in price all of a sudden, how could that many people need money all at the same time inside one hour, that doesn't look viable at all. Which leaves us with another type of person and I assume the main sellers of bitcoin during the last 1.5 month period; people who were afraid they were bleeding out money and wanted to save some so they wouldn't lose anymore. Makes sense to panic and try to not lose all your money.

[crwth]

Not every single person who sold when the price was low either needed money or not supportive of bitcoin. First of all if that person was not really supportive of bitcoin, why did they actually bought it to begin with, they must have actually thought bitcoin is cool before they invested in it I think.

It's because they want to profit? They bought it and sell it at a higher price. Whether or not it's trading futures, spot, margin, etc. It's for-profit for sure. Not fully supporting it IMO.

Plus people who needed the money and sold can't be the cause of a huge drop in price all of a sudden, how could that many people need money all at the same time inside one hour, that doesn't look viable at all.

Weren't you aware of what's happening today? The situation looked worse when the pandemic is just starting. At least now the price came back to reasonable levels and continues to rise. Halving could have two effects, whether to raise the price or not. History shows it rises in price after halving.

[RealMalatesta]

We could simply just stay around here as well, there is no reason for bitcoin to make another move, it doesn't "have to", I am not saying it won't but it really doesn't have to do any moves at all. Bitcoin price could be in the 8.5k and 9.5k levels for months now, that is a viable option for it. It is both not too big to make a sell pressure at all, you are not going to make a big profit even with short futures by just selling bitcoin, it didn't increased all that much, and you are not going to have a huge increase neither and not going to profit from it, only the people with very high leverages could make money from bitcoins movements right now.

If it was 5k I would say it could x2, if it was 20k I would say it could have dropped x2, but right now it doesn't look like its going to make a huge change.

[Dollar_Hunter]

everyone would love to see the price of Bitcoin can be above $ 8000, and make Holders calm,
we know the importance of $ 8000 for Bitcoin, because the bull will dominate!