Showing posts with label rally. Show all posts
Showing posts with label rally. Show all posts

Bitcoin's massive surge has experts stumped "to be honest, I have no idea why"...

Bloomberg tries to get to the bottom of what happened today to cause Bitcoin's rally...but no one is sure. Sonny Singh, CEO of Bitpay says he believes it's likely the Asian market providing the momentum, because of the time it began.

The surge does not appear to be manipulation, the price has held and many think after lingering around $4000 for so long, some larger institutional investors called the bottom, and jumped in big.

Video Courtesy of Bloomberg 

Bitcoin explodes! Price gains $1000 in just 1 hour - what to watch for next...

Bitcoin and altcoins are in the middle of a powerful rally today - with Bitcoin 's value jumping up by over $1000, all in less than an hour.

While a rally is always good - a rally isn't always recovery.  Here's what to look for next.

First - will it hold above $7500 for over 24hrs? This is a sign of support and stabilization investors are watching for.

Then only after market stabilization, can true market recovery begin.   If the above happens, and is then followed by Bitcoin breaking the $8500 resistance marker - we can officially consider the cryptocurrency markets in true recovery and rebound mode.

So far so good though - the market has held steady throughout the day, and we're about half way though the first of these two key steps.
Author: Ross Davis
San Francisco News Desk