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.