Bitcoin Surge - What is happening?

[Debonaire217]

I just recently woke up and based on my personal routine, I checked CMC and I noticed a sudden increase now Bitcoin reaches more than $10,000. I've read a few articles, for the past 3 months, this is the first time bitcoin reached new heights, according to newsbtc, the jump was more than 7% before it moves.

What is really happening?

Still, based on the article, there is more than $80 million assets that was moved or liquidated on BitMEX alone in just an hour.

Photo credit to Skew.com

I'm not sure what's next to happen, or maybe, this is inclined with the recent bitcoin halving that this person: Mike Novogratz has the guts to create too much hype as he stated:

$BTC is coiling.  It will take out 10k soon.   All the tragic turmoil in the USA adds to the narrative.   Budgets are going one way and it’s the opposite of balanced.   When 10k goes it will move fast.   Get on the train.

But no matter what this news tells us, I am expecting bitcoin greater heights in the near future. Just the same as his perception, there's a possibility that $10,000 might become the resistance. What do you think?

Here's another one, there are rumors that the recent red dot in bitcoin's stock-to-flow model might impact the bitcoin price in the future in a positive way, they even indicated bitcoin priced at $100,000 in 2021.

Photo from Twitter

I don't know why people speculate this much and create this kind of hype. Though there's still a possibility for an increase, there's not much basis for people to believe just because of what the graph shows.

[dunfida]

Theres even that biggest Short squeeze : https://www.coindesk.com/bitmex-short-squeeze-bitcoin-surge

and now

We had that same movement but in the opposite side: https://www.coindesk.com/bitcoins-price-drops-by-800-in-less-than-5-minutes

Something new? This had happen in the past for how many times and remain questionable.

[Harlot]

I've read Plan B's Bitcoin S2F model and all I can say is that even if his price prediction and explanation is very convincing the thought of his analysis only focusing on the supply and demand of Bitcoin made me feel that it is inaccurate. There are still a lot of external factors to consider when we are talking about the price forecasting of Bitcoin since it greatly affects it's price movement regardless of the current demand and supply of Bitcoin. External factors such as laws, macroeconomy, and adoption is something that the S2F hasn't taken into consideration which makes the price prediction purely based into it be inaccurate.

[bbc.reporter]

It appears that we might also have a new Tom Lee indicator. His name is Anthony Pompliano. The dump occured 16 hours after this announcement he made on Twitter hehe.



Source https://twitter.com/apompliano/status/1267604444650315776

[Kemarit]

I'm sorry but the spike didn't last that long, after Bitcoin going above $10,000 it seems that the price wasn't sustainable at all.

Over a $130 Million in Bitcoin Shorts Liquidated as Bitcoin Reclaims $10,000 - https://www.thecryptoassociate.com/over-a-130-million-in-bitcoin-shorts-liquidated-as-bitcoin-reclaims-10000/

And I don't know if this news has something to do with the Bitcoin rejecting that five digits again:

https://news.bitcoin.com/hackers-move-another-800k-in-btc-stolen-from-the-2016-bitfinex-breach/

[serjent05]

Though Bitcoin surge to 10k but some analysis stated that a fake triangle break out is seen, and it happens. 

The article 3 Main Reasons Bitcoin’s Price Plummeted 14% in 15 Minutes to $8,600 might be a good read to know why Bitcoin price goes down after breaking $10k.

[carter34]

The surge yesterday is a trap for traders for a further buy but after some hours, it dropped again. The reason for the surge is not certain yet for me convincingly. That is why trading with money management is always advised for traders because price can take any direction at whatever given order.

[deisik]

What is really happening?

Nothing out of the ordinary

In fact, things are happening according to a scenario described in this thread two and a half years ago (in early December 2017). In short, with less liquidity in the market, we are going to see increasing levels of volatility. It typically happens when prices rise exponentially due to liquidity running low, but volatility can surge even if liquidity is low for any other reason, e.g. due to halvenings, holding, etc. This is kinda inevitable with scarce and valuable assets

[Reatim]

I just recently woke up and based on my personal routine, I checked CMC and I noticed a sudden increase now Bitcoin reaches more than $10,000. I've read a few articles, for the past 3 months, this is the first time bitcoin reached new heights, according to newsbtc, the jump was more than 7% before it moves.

What is really happening?

Still, based on the article, there is more than $80 million assets that was moved or liquidated on BitMEX alone in just an hour.

Photo credit to Skew.com

I'm not sure what's next to happen, or maybe, this is inclined with the recent bitcoin halving that this person: Mike Novogratz has the guts to create too much hype as he stated:

$BTC is coiling.  It will take out 10k soon.   All the tragic turmoil in the USA adds to the narrative.   Budgets are going one way and it’s the opposite of balanced.   When 10k goes it will move fast.   Get on the train.

But no matter what this news tells us, I am expecting bitcoin greater heights in the near future. Just the same as his perception, there's a possibility that $10,000 might become the resistance. What do you think?

Here's another one, there are rumors that the recent red dot in bitcoin's stock-to-flow model might impact the bitcoin price in the future in a positive way, they even indicated bitcoin priced at $100,000 in 2021.

Photo from Twitter

I don't know why people speculate this much and create this kind of hype. Though there's still a possibility for an increase, there's not much basis for people to believe just because of what the graph shows.

Then what about now that the price of Bitcoin drowned to almost $1k lose?

Remember that Volatile market is what Bitcoin and crypto currency is so any movement is normal either Uptrend or Downtrend.

What is important is you know when to Buy and when to sell,or How long to Hold and how much to sell.

we have been here for years now so we must be familiarized this kind of scenario.

[minairia3]

The drop last night was provably attributed to the Bitmex Exchange reaching 8.6k, Imagine how many millions of USD were lqiuidated last night knowing that the long bullish season arrived. Techinically this is called a indirect stealing. They purposedly turn down thr market by dumping simultaneously. How does it feel to be played by whales, its not funny.

Only exchanges were able to gain profit last night and some of those traders that this is just an old move like in the history. Good thing I did not do any orders cause the fact that thr surge is so fast, retracement will always comes next after that. I just did not expect it damn fast.

[YuginKadoya]

Bitcoin is very volatile and everybody knows that this is not new in my opinion a movement like this can surely take place and can surely sway in the different direction without further notice, there are times that the market will be full of holder and buyer and sometimes full of weak handed people a sudden increase in the price isn't indicate a bull run anymore and a sudden decrease doesn't really indicate just a correction I think this is pretty normal but if the price would reach another all-time high then that would make me sure fall from my seat.

[stiffbud]

I just recently woke up and based on my personal routine, I checked CMC and I noticed a sudden increase now Bitcoin reaches more than $10,000. I've read a few articles, for the past 3 months, this is the first time bitcoin reached new heights, according to newsbtc, the jump was more than 7% before it moves.

What is really happening?

Still, based on the article, there is more than $80 million assets that was moved or liquidated on BitMEX alone in just an hour.

Photo credit to Skew.com

I'm not sure what's next to happen, or maybe, this is inclined with the recent bitcoin halving that this person: Mike Novogratz has the guts to create too much hype as he stated:

$BTC is coiling.  It will take out 10k soon.   All the tragic turmoil in the USA adds to the narrative.   Budgets are going one way and it’s the opposite of balanced.   When 10k goes it will move fast.   Get on the train.

Just after reaching the $10k price the price per bitcoin also fell to $8.6k on Bitmex, here is the link to the article,

https://www.coindesk.com/bitcoins-price-drops-by-800-in-less-than-5-minutes

I guess there was a problem with the trading engine of Bitmex that would have caused this problem and caused the price fluctuations in short amount of time and when they would have find about about it they would have fixed the underlying problem that caused these fluctuations. But it is great to see the price break the barrier of $10k after such long time, Now bitcoin will again test the resistance in a few days so a few more short pumps are incoming and then we can see a big pump in the near future.

[sunsilk]

I don't know why people speculate this much and create this kind of hype. Though there's still a possibility for an increase, there's not much basis for people to believe just because of what the graph shows.

I understand your curiosity about the model and I've also seen a lot of published articles describing and discussing that theory. However, it's just a speculation just like any other that we mostly hear from different predictions.

Due to volatility, they've made that model which can make it possible to reach those seems to be impossible prices. The surge didn't last but still brought excitement that bitcoin's too resilient enough to get high whether it goes too low.

[deisik]

The drop last night was provably attributed to the Bitmex Exchange reaching 8.6k, Imagine how many millions of USD were lqiuidated last night knowing that the long bullish season arrived. Techinically this is called a indirect stealing. They purposedly turn down thr market by dumping simultaneously. How does it feel to be played by whales, its not funny

Okay, this was not the first time around

They are just exploiting the opportunities to make easy money, and it would be unwise to ignore them. You would use them too if you could. Ultimately, it is traders who are losing their minds due to greed, and who are made to pay for it. If trading folks stayed away from using insane leverages (like x100 which BitMEX casually offers), there wouldn't be short or long squeezes of this scale

Only exchanges were able to gain profit last night and some of those traders that this is just an old move like in the history. Good thing I did not do any orders cause the fact that thr surge is so fast, retracement will always comes next after that. I just did not expect it damn fast

If you don't use leverage or use it wisely, you have nothing to worry about. Bitcoin is a battle-tested asset which always comes back, no matter what

[RealMalatesta]

Well the price is lower right now but if you still want to learn more about what happened. The price was already trying to go up, the problem it had however was the simple fact that there was waaay too many sell orders that blocked its path, which is called a wall and because there was such a huge wall, even when it tried to go up it failed because it took millions of dollars to break that wall down before going back down.

However, bitcoin tried to break it twice which meant it lowered it enough that on the third try it happened to go beyond and after you break down a resistance point its easy to just go beyond that very quickly so it happened to go over 10k very easily. What is going on right now is the opposite, short future people are trying to keep it down to make more money.

[Vaculin]

We can check and it seems like we are back to normal again, that $10,000 was instant and instantly it fall back again, in fact it dropped below $9K before it starts to get stable at $9500. A lot of things happening inside the crypto world, bitcoin remains unpredictable and no TA could exactly predict the price, and with that said, I'd rather based on the rumors and the news than spending a lot of time analyzing the graph.

[STT]

The trend is more reliable then the spikes, its fallen back to weekly average and its running up for another attempt right now is how it looks to me.



Each level above is a rung on the ladder but I only count it as passing through and moving up properly when it can hold for the daily bar, ideally we want to see it form on a weekly bar.   It is in the process of challening the weekly trend of falling prices thats been roughly true since last summer, a big movement and breaking that would presumably lead to the far higher prices many had hoped for.
   I generally think we keep going back and forth and my bias is neutral for this year, a break next year.   The bulls resolve already got tested in March I guess is important to note.

[Yamifoud]

It makes a surge because someone makes a push on it.

Well, we don't know who really they are but I'm pointing into market manipulation which only big investors are capable of doing this. But that was unfortunate as it only stays for just hours and falls again. That it could be a trap for small investors?
Though it happens multiple times in that past days but the drops are meant surprising into the part that we think the momentum will continue to bullish.

[Yaunfitda]

It makes a surge because someone makes a push on it.

And on the opposite, it drop because someone pull the strings. Tit-for-tat.


Yes, I read that S2F model, predicting that the price will surge ahead after hitting $10k.

But wait, did the model also pointed out that we are going to see a dip after getting into $10k?

My point is that we can't really be assure of the PlanB or PlanC of S2F model, however, we don't need to complicate things though, as long as you are holder and wait for 2024 to cash out and take your profit, then don't bother with this S2F model, just saying.

[buwaytress]

It appears that we might also have a new Tom Lee indicator. His name is Anthony Pompliano. The dump occured 16 hours after this announcement he made on Twitter hehe.

I've always considered guys like Pomp to be just as useful/useless as Tom Lee. To be fair, he hasn't usually stuck his head out like this before, I always wonder what makes guys like them put themselves out on a limb. What's it matter if they're right anyway? With all the stuff he says on his podcast, it's okay, it's cool, why you gotta be all wise and see the bull coming?