The bitcoin pump on March 12

[tomos81]

Bitcoin price has currently increased overnight. For a long time, the price of Bitcoin was between 20k and 22k, from where the price has increased and now it has touched 27k. I can roughly predict that Bitcoin price will touch 30 in March. Because there is good news in the future of Bitcoin and Bitcoin Halving is waiting ahead. According to the cycle, Bitcoin grows exponentially every three to four years.

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[FanEagle]

I think it was basically a proof that people who do not really enjoy the banking problems that we are facing right now ended up with this type of "lets all move to bitcoin" together, which caused the price increase but it meant a lot more as well.

It meant that whenever banking world ends up doing something wrong, there are a lot of people and of course a lot of money that goes into the crypto world and that proves that people trust it a lot and want to avoid banks and trust crypto more. Definitely mainly bitcoin, not some small cap coin, but it is still good that the money goes in and increases the price the way it did, that was wonderful to see.

[Baofeng]

I think it was basically a proof that people who do not really enjoy the banking problems that we are facing right now ended up with this type of "lets all move to bitcoin" together, which caused the price increase but it meant a lot more as well.

It meant that whenever banking world ends up doing something wrong, there are a lot of people and of course a lot of money that goes into the crypto world and that proves that people trust it a lot and want to avoid banks and trust crypto more. Definitely mainly bitcoin, not some small cap coin, but it is still good that the money goes in and increases the price the way it did, that was wonderful to see.

I wouldn't say they "trust" it a lot, but choosing lesser of the two evil, obviously, BTC and crypto will be the logical choice for the majority right now. Those who are rich and wanted to hedge their wealth and stop it from going down, they don't want to depreciate it. And then there are us, BTC enthusiast who, whatever the outcome is, whether there is banking crisis or not, will definitely be pro-BTC. And most likely the majority right now, average Joe who wants to fight inflation as well moving their assets to BTC. And so with that and other factors, I never thought that this pimp is going to continue to $28k. But here we are right now, and most likely it might be pushed to $30k until we get exhausted.

[bbc.reporter]

Bitcoin price has currently increased overnight. For a long time, the price of Bitcoin was between 20k and 22k, from where the price has increased and now it has touched 27k. I can roughly predict that Bitcoin price will touch 30 in March. Because there is good news in the future of Bitcoin and Bitcoin Halving is waiting ahead. According to the cycle, Bitcoin grows exponentially every three to four years.

I am always skeptical and cautious when there is a pump, however, it also appears that there is more spot buying of bitcoin than buying bitcoin with leverage. The price has pumped to touch $28k but the open interest today is presently still lower than the open interest on November, 2022. This implies that it is not leverage pumping bitcoin and it might also imply that the next dump might not have as much volatility.

[posi]

I think it was basically a proof that people who do not really enjoy the banking problems that we are facing right now ended up with this type of "lets all move to bitcoin" together, which caused the price increase but it meant a lot more as well.

It meant that whenever banking world ends up doing something wrong, there are a lot of people and of course a lot of money that goes into the crypto world and that proves that people trust it a lot and want to avoid banks and trust crypto more. Definitely mainly bitcoin, not some small cap coin, but it is still good that the money goes in and increases the price the way it did, that was wonderful to see.

Although bitcoin has had impressive growth steps while banks are constantly pulling each other to collapse. But I don't see any connection between the two, I mean, the market cap hasn't increased at all, which means that not too many people are leaving the bank, moving to crypto or bitcoin. Bitcoin dominance is at a very high level, bitcoin is up, but altcoins are not gaining too much, it can be seen that the capitalization of altcoins is being sucked in by bitcoin and not by outside money pouring into the market.

[Popkon6]

The main reason why the price of Bitcoin has been increasing for a few days is that the Central Bank of America has added 300 billion dollars in reserves to the country's economy. Since receiving this good news, the price of Bitcoin has been on a new upward trend. Which is very likely to touch 30k dollars in March. Since the fall in the cryptocurrency price of Bitcoin, there has been no good news for a long time but rather a lot of bad news due to which the price of Bitcoin has been on a downward trend. But since now after this new good news is spread the price of Bitcoin has come up to 28k dollars.

[STT]

The price has risen so much now we are reaching the lows of 2021 which means alot of volume in this area or near 29k.  For whatever reasons BTC felt able to rise so much, we are likely to see selling appear to match the increased volume at this higher price.
  2 day average has underpinned the lows on this rally, thats 27k but BTC can fall back as far as 25k and still be trending upwards on a weekly basis I think.

[Rasa nanas]

Bitcoin price has currently increased overnight. For a long time, the price of Bitcoin was between 20k and 22k, from where the price has increased and now it has touched 27k. I can roughly predict that Bitcoin price will touch 30 in March. Because there is good news in the future of Bitcoin and Bitcoin Halving is waiting ahead. According to the cycle, Bitcoin grows exponentially every three to four years.

I agree with what you said, even without good news it is very likely that the price of bitcoin will still increase because 2024 is approaching and most people predict the next halving will occur in 2024. currently the price of bitcoin has not even touched half of ATH 2021 and that means that in the future there will still be many price increases that will occur in bitcoin.

[dragonvslinux]

Bitcoin price has currently increased overnight. For a long time, the price of Bitcoin was between 20k and 22k, from where the price has increased and now it has touched 27k. I can roughly predict that Bitcoin price will touch 30 in March. Because there is good news in the future of Bitcoin and Bitcoin Halving is waiting ahead. According to the cycle, Bitcoin grows exponentially every three to four years.

I am always skeptical and cautious when there is a pump, however, it also appears that there is more spot buying of bitcoin than buying bitcoin with leverage. The price has pumped to touch $28k but the open interest today is presently still lower than the open interest on November, 2022. This implies that it is not leverage pumping bitcoin and it might also imply that the next dump might not have as much volatility.

I just had a look at the open interest chart from LookIntoBitcoin. It doesn't show much of a downtrend since June last year, but more so sideways as well as rising considerably in the past week to reach close to October/November highs.

That said, price is quite a bit higher than back then, while the open interest remains similar. I guess to me it looks like there isn't "too much" open interest, but I wouldn't say it's very low anymore either.

The price has risen so much now we are reaching the lows of 2021 which means alot of volume in this area or near 29k.  For whatever reasons BTC felt able to rise so much, we are likely to see selling appear to match the increased volume at this higher price.
  2 day average has underpinned the lows on this rally, thats 27k but BTC can fall back as far as 25k and still be trending upwards on a weekly basis I think.

Am also waiting for an increase in volume to see where price goes next, as since the break above $25K volume has generally been decreasing, as opposed to increasing as you'd generally expect when prices breaks out above a long-term resistance level. I also agree that price can pull-back to around $25K and remain bullish, as was previous break out level as well as near the 200 WMA that's rising bullish still.

There is otherwise some bearish divergence on 4hr and Daily time-frame, similar to previous rejection around $25K, so am thinking a pull-back to support is likely now we are  close to previous support level. However there remains the bullish case that last week was the highes gain at 26% since April 2019, so bears may struggle to push prices back down to $25K in the near term.

[Semar Mesem]

I'm sure what happened on March 12 will often be repeated in 2023 because it is predicted by many experts that 2023 will explode and reach a new ATH again, many even believe that ATH will occur in July or 4 months, of course this is not impossible because bitcoin often makes surprises.

[Epaper]

Indeed, since the beginning of March until now, Bitcoin has experienced an increase of 22.64% in the last week. The Bitcoin price is currently at $27.5k. However, it is important to note that the cryptocurrency market can be very volatile and subject to fluctuations, so any prediction or speculation about future price movements should be made with caution.

[bbc.reporter]

Bitcoin price has currently increased overnight. For a long time, the price of Bitcoin was between 20k and 22k, from where the price has increased and now it has touched 27k. I can roughly predict that Bitcoin price will touch 30 in March. Because there is good news in the future of Bitcoin and Bitcoin Halving is waiting ahead. According to the cycle, Bitcoin grows exponentially every three to four years.

I am always skeptical and cautious when there is a pump, however, it also appears that there is more spot buying of bitcoin than buying bitcoin with leverage. The price has pumped to touch $28k but the open interest today is presently still lower than the open interest on November, 2022. This implies that it is not leverage pumping bitcoin and it might also imply that the next dump might not have as much volatility.

I just had a look at the open interest chart from LookIntoBitcoin. It doesn't show much of a downtrend since June last year, but more so sideways as well as rising considerably in the past week to reach close to October/November highs.

That said, price is quite a bit higher than back then, while the open interest remains similar. I guess to me it looks like there isn't "too much" open interest, but I wouldn't say it's very low anymore either.

Similar to what I have said already, it implies that the pump is because there are more spot buying of bitcoin than there is buying bitcoin on leverage. This also implies that if there is a dump, it would not cause that much liquidity cascades which sometimes are the cause of more than -10% dumps.

[Joshapat]

March 12th will be an important note because it is up about 20%, no one would have thought that such an easy increase would happen when many people thought the price would continue to fall, and it would take the same thing to happen 2 or 3 times for bitcoin to recover in march or april max .

[maydna]

Indeed, since the beginning of March until now, Bitcoin has experienced an increase of 22.64% in the last week. The Bitcoin price is currently at $27.5k. However, it is important to note that the cryptocurrency market can be very volatile and subject to fluctuations, so any prediction or speculation about future price movements should be made with caution.

And now the bitcoin price has returned to its $28k price after yesterday's crash. But this situation doesn't seem safe as the bitcoin price could fall back to $27k. And if it happens again, we are given the opportunity to buy at a low price so we shouldn't waste this opportunity. But what happened is that many people panicked because they weren't ready to see another correction happen. We have to be able to accept fluctuations in the price of bitcoin because it happened a long time ago, and maybe now, the fluctuations can be more extreme than before so we have to be more prepared. But in the long term, a bitcoin price rally is bound to happen again, and if it does, it will create another new ATH.

[Wong Gendheng]

March 12 record is indeed fantastic and usually only occurs 2 or a maximum of 5 times in history, prices rise more than 20% in 24 hours make investors panic and come to buy so as to push prices continue to rise. Hopefully in March it will happen again so that prices can reach $ 30K.

[bbc.reporter]

There was good news that Michael Saylor bought 6455 bitcoin, however, the market has taken this as a signal to begin dumping. This is a very head shaking behavior hehehhehe.



On March 27, 2023, MicroStrategy announced that, during the period between February 16, 2023 and March 23, 2023, MicroStrategy, together with its subsidiaries, acquired approximately 6,455 bitcoins for approximately $150.0 million in cash, at an average price of approximately $23,238 per bitcoin, inclusive of fees and expenses. As of March 23, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 138,955 bitcoins, which were acquired at an aggregate purchase price of approximately $4.14 billion and an average purchase price of approximately $29,817 per bitcoin, inclusive of fees and expenses.

Source https://www.sec.gov/Archives/edgar/data/1050446/000119312523079839/d467124d8k.htm

[bettercrypto]

Now a bitcoin is back to over 26k$, and whatever the reason for this is we don't know the exact reason, although there are news that Bitcoin is also not affected much in the market.

     Maybe in the middle of this year we will really see the direction of Bitcoin in the market if it continues to go to the bull-run and a lot of people are really peking on it. That's why we should still hold and not be bored as one of its holders.

[Rasa nanas]

March 12 record is indeed fantastic and usually only occurs 2 or a maximum of 5 times in history, prices rise more than 20% in 24 hours make investors panic and come to buy so as to push prices continue to rise. Hopefully in March it will happen again so that prices can reach $ 30K.

yes this rarely happens and usually only happens when bitcoin is bullish. but the price increase did not last long because after that the price of bitcoin slowly fell, maybe the price decrease occurred because many day traders were selling to secure profits.

[StreakW]

Since the beginning of March until now the bitcoin price has jumped significantly where the bitcoin price is trading again in the $28k area. Although we don't know exactly what factors make bitcoin pump. We expect, the current price hike to continue and get to above $35k soon.

[TravelMug]

There was good news that Michael Saylor bought 6455 bitcoin, however, the market has taken this as a signal to begin dumping. This is a very head shaking behavior hehehhehe.



On March 27, 2023, MicroStrategy announced that, during the period between February 16, 2023 and March 23, 2023, MicroStrategy, together with its subsidiaries, acquired approximately 6,455 bitcoins for approximately $150.0 million in cash, at an average price of approximately $23,238 per bitcoin, inclusive of fees and expenses. As of March 23, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 138,955 bitcoins, which were acquired at an aggregate purchase price of approximately $4.14 billion and an average purchase price of approximately $29,817 per bitcoin, inclusive of fees and expenses.

Source https://www.sec.gov/Archives/edgar/data/1050446/000119312523079839/d467124d8k.htm

Not huge dump though, we went as high as $28,500, but it was not that sustainable. Yeah, not sure though, every news that Saylor is buying bitcoin, the market react negatively. Maybe there is some manipulation behind? I don't know and all I have is pure speculation.

Anyhow, market is moving sideways for the whole week of April.

I'm taking this signal that it's not going to be good for the market this month and hard to breach $30k.