At the end of the weekly line, the BTC rose sharply. After breaking through the key resistance of the 8300, “all the way to the north”, it once touched the 8800 mark. Mainstream currencies have risen across the board, with multi-currency at night rising more than 10%.
After a narrow week of sideways shocks throughout the week, BTC finally ushered in a strong breakthrough in the early hours of the morning. The price broke through the key resistance of the 8300, which was at least three times in the early stage, and then rose sharply. The fire currency market showed that BTC hit a maximum of 8814.79 USDT during the day, and the intraday increase was close to 10%. The price once again refreshed the high point of the year, which was a 12-month high since May 16 last year.
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Driven by the rapid rise of BTC, the mainstream currencies of the digital currency market strengthened collectively overnight. The intraday gains of the currencies including LTC and EOS have reached around 10%, and many currencies have hit new highs during the year.
Although the digital money market has been adhering to the tradition of “no reason”, the wave of the collective soaring market in the early morning did not have very intuitive and good news, but this wave of rapid rise has actually appeared in the recent past. Some precursor signals.
Bitfinex exchange position data shows that the BTC long and short two-way positions in the last weekend showed signs of a significant rebound. The market changed the trend of holding positions in the previous trading days last week. The long and short positions were in the Friday to the week. In the two trading days, there has been a rebound of more than 10%, which shows that the market activity has actually quietly warmed up to some extent, and this has also laid the groundwork for a strong breakthrough in overnight prices.
Wall Street financial analyst and bitcoin supporter Max Keizer believes that hyperinflation is a catalyst for bitcoin development. In an interview, he was critical of the Fed’s implementation of quantitative easing. The explanation is that the Fed prefers a permanent quantitative easing policy, which will lead to “endless printing”. Such an initiative will lead to hyperinflation, and Bitcoin will flourish in such an environment.
Although the BTC price has not been successful in the continuous upswing of the 8000-8300 strong resistance area in the recent period, the callback intensity has been limited, which shows the toughness of the short-term bulls to some extent. At the same time, it also indirectly emphasizes the critical degree of resistance near 8300. eToro analyst Mati Greenspan said during the weekend that Bitcoin is currently at a critical position. If the price can rise above $200, it is expected to open up to $2,000 further. The overnight market perfectly verified this judgment.
With the short-term breakthrough of this market, the optimism in the market quickly returned, and the remarks about the return of BTC to 10,000 and even higher have emerged in recent hours.
Market analyst Galaxy's latest Twitter pointed out that BTC is expected to recover the $11,000 mark in the near future, while ETH is expected to return to the $400 era.
Jason A. Williams, co-founder and partner of Morgan Creek Digital, also said in the first place: BTC is already $8,386, and will break through $10,000 tonight?
Brave New Coin analyst Josh Olszewicz said that BTC has already completed the initial breakthrough for a mid-term rising triangle. If the price can continue to stabilize at 8400 today, the market is further accelerated and it is worth looking forward to. Look at $9,850.
Source: Shallot blockchain