Topic: what happened to the market ???? BTCUSD surged about 11% today!!!!! (Read 167 times)

After a two-week consolidation of the quotation at $ 6,500, bitkoin finally turned, heading for a mark of $ 8,000. At the time of writing, the exchange rate is $ 7,700. We do not associate such a rapid growth with any news - only movement within the technical channel and psychological pressure on sellers. For two weeks, the rate stayed at $ 6 500, without any reason for further growth. During this time, the stock volumes for sale significantly decreased, which led to an increase on the background of remaining volumes for purchase. Perhaps later analysts will try to tie a fundamental event to the growth of bitcoin, but now only one factor is objective: the "fatigue" of sellers and the narrowing of spreads

Bitcoin has fluctuated in a relatively wide range in recent weeks, so after a recent 10-15% drop, the movement that began yesterday and continues today lies on the whole in the same vein. There are no significant news, but in periods of consolidation such movements happen with financial assets quite often

It's too early to talk about bull run. Maybe there was just a bitcoin pump. The increase was only 1 day. Tomorrow some fake news can be released and bitcoin will fall again.

📈 Price
BTCUSD surged about 11% today. The growth started around 11:00 UTC and brought the price to the 8000.0 high. After an attempt to break above the 8000.0 level Bitcoin price went lower and now is hanging above the 7700.0 level. To confirm the uptrend bias, the price has to break the 8000.0 level which coincides at this point in time, with the global Bearish Trend Line. The next target on the way up will be 100-days EMA. From the below, 7000.0 level should play a supportive role.

🔮 Today forecast: Trading in 7000.0 – 8000.0 zone; Break above the 8000.0 level will lead the price to the 9000.0 level coinciding with the 100-days EMA.

ℹ️ Latest news:

🔵 Bitcoin price surges to the 8000.0 point. Bitcoin surged to almost $8,000 at midday on Thursday, hours after senior market analyst, Matt Greenspan claimed that Wall Street is prepared to drive “new liquidity” into the cryptocurrency. Mr .Greenspan also insisted the plunge in bitcoin price from its December high is “nothing new for bitcoin”. Speaking to Bloomberg News, Mr. Greenspan said: “As far as percentage terms go, if we are looking at it historically we have seen these types of pullbacks before.” The cryptocurrency analyst said Wall Street investment could stabilise the price of bitcoin. He said: “Definitely Wall Street is getting involved and they are building the bridges as we speak, whether they are going to go full on ba ull or full on bear, we don’t know.

🔵 Is tax selling over? Fair to assume that as the April 17 tax deadline approaches, there could be selling pressure as cryptocurrency investors sell some of their digital currency holdings in order to cover their tax bills. However, it generally takes a few days to convert cryptocurrency profits into usable cash in a checking or savings account. Since there are only a couple of weekdays left until Tax Day, it's possible that the peak of this tax selling is now left behind.

What Do You Think the BULL RUN started?