Bitcoin, after returning to resistance at $8k, its price is clearly not ready to correct just yet. Few hours ago during Asian trading, Bitcoin rose to its highest price since May 2018. The whole crypto market has been lifted by this move, up to a ten-month high.
Bitcoin News – Bitcoin Price surges 13%
Just recently, Bitcoin (BTC) recorded a high of $8,938. A trading website revealed that, since the start of May 2018, BTC price $8708.31 +0.04% has not been at this price.
The 13% rise of today has seen the number one cryptocurrency lift off from its low for the day of $7,890 to the new high before returning to $8,735 where it currently trades. If this trend continues, Bitcoin at $10k is very possible.
Of recent, Max Keiser, a Wall Street veteran said that the price of Bitcoin was ‘coiling up’ for a big move to five digits, which seems to be happening already.
Over the last few hours, traders and analysts have been preoccupied by Bitcoin’s next move. A trader with handle ‘CryptoFibonacci’ predicts that, at some stage there’ll be a return to the moving averages.
“The only thing I don’t like is that it is getting way too far away from the supporting ema’s. So, I would recommend profit taking into this run up. Just my opinion. Still very bullish, but at some point we rested those underlying ema’s.”
He also added that until the mid $9,000s, there is no major resistance, saying that: “Ok, after 9500-9600 area is hit, shorts will have their day in the sun.”
Most probably, there should be a lot of profit taking above $9k so the price of BTC fallback to $8k or below is highly likely. Those days when analysts were predicting a massive correction of over 30% are gone, but that doesn’t mean it will not come – it has before several times.