Bitcoin rose nearly 100% in five months, and the "out of the box" market is unreliable?

At around 12 o'clock on May 10, bitcoin prices broke through the $6,200 mark, much earlier than expected.

Since April of this year, Bitcoin has continuously broken through 5,000 US dollars and 6,000 US dollars from the low level of 4,000 US dollars. The upward trend is obvious, or it will become a big signal to impact the bull market.

But at the same time, the rise in Bitcoin did not drive the market's rise, and most digital currencies are still in a down state. In this regard, the currency circle is also hotly debated.

Nearly 100% in May

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At around 12 noon on May 10, the price of this leading digital currency broke through the $6,200 mark in many of the world's major digital currency exchanges. This is the first time Bitcoin has broken through $6,000 since June, compared to 1218. The monthly minimum price of $3220.94 has risen by 94.50%, nearly doubled.

As of press time, according to Coinmarketcap data, BTC's 24-hour trading volume has exceeded $17.3 billion today. In fact, since the recent bitcoin gains have been apparent, Bitcoin's daily trading volume has returned to a high level, recurring the trading spree at the end of 2017 and at the beginning of 2018 when the bitcoin price was above $15,000. At the beginning of April this year, the price of Bitcoin broke through the resistance of 5,000 US dollars, and the daily maximum transaction volume exceeded 21 billion US dollars.

Big rise

 

In the past month, the BTC has seen a significant upward momentum and is hardly shaken by bad news.

The upside was first started in early April, when Bitcoin traded in the low-end area of ​​$4,000, after which it generated huge buying pressure, and the BTC price rose to $5,000 within three days, when it began to sideways, and finally last night. Break through $6,000.

Even on May 8, the global head cryptocurrency exchange was hacked, bitcoin worth about $40 million was stolen, and bitcoin fell from $5,900 to $5,800, but then continued to rise to Today's $6,200 location.

The rising trend of Bitcoin is considered to be the strongest signal in the new bull market. The Coindesk reporter used the price trend of Bitcoin over the years as a comparison to determine the BTC's bull-bearing conversion based on the Relative Strength Index (RSI). As the chart shows, the RSI value of the latest period increases as the RSI value of October 2015. Once the RSI breaks through 60, the market momentum is expected to gain enough power to turn the bears.

However, the BTC rise did not drive the overall market up, including ETH, XRP, BCH, EOS and LTC in the top six market capitalizations.

Begining of the end?

There have been many views on this bitcoin boom.

Some netizens were surprised that the resistance level of $6,000 was weaker than expected. The optimistic people regretted not maintaining a firm bitcoin belief, but also ridiculed that the empty head was crying in the toilet.

However, more views are that Bitcoin will face the next retracement.

The digital currency madman trend believes in the article: "The bull market logic does not exist, and it has been getting closer and closer to the end of the rebound. The market's profit-making effect is still very poor. The market investors should continue to wait and see. The pie continues to rise for us. It doesn't make any sense."

Some investors also said in a circle: "A market that is unique is definitely not the beginning of a bull market, it may be beginning of the end."

Another retail investor said to the Odaily Planet Daily: "BTC after the Mavericks in these months, it is estimated that it will call back around 6500 points, after which the range will be oscillated, and the bottom will be repaired. It may be halved in 2020. On the occasion of the arrival of a real bull market."

Josh Rager, a popular encryption analyst on Twitter, believes that $6,450 is an "epic" resistance level and that if it enters the resistance level, it will be "crazy bullish" on cryptocurrency.

In April, Zhao Dong also expressed his opinion on the arrival of the bull market: "I guess a script from the bear market to the next bull market may not be correct. Let's see together: This wave is basically 4,000 dollars is the bottom, rebound arrives About 6,000 US dollars, and then come back to explore 4000 to confirm the bottom, it takes about half a year. Around October, the bottom of the knives will be ground again at around 5,000 knives. Before halving next year, it will rise moderately to reach about 10,000 US dollars. After halving, it will fall back to 6. $7,000. Then the big bull market opens until 2021, reaching a height of $50,000-100,000 (or even higher)."

At around 12 o'clock on May 10, bitcoin prices broke through the $6,200 mark, much earlier than expected.

Since April of this year, Bitcoin has continuously broken through 5,000 US dollars and 6,000 US dollars from the low level of 4,000 US dollars. The upward trend is obvious, or it will become a big signal to impact the bull market.

But at the same time, the rise in Bitcoin did not drive the market's rise, and most digital currencies are still in a down state. In this regard, the currency circle is also hotly debated.

Nearly 100% in May

At around 12 noon on May 10, the price of this leading digital currency broke through the $6,200 mark in many of the world's major digital currency exchanges. This is the first time Bitcoin has broken through $6,000 since June, compared to 1218. The monthly minimum price of $3220.94 has risen by 94.50%, nearly doubled.

As of press time, according to Coinmarketcap data, BTC's 24-hour trading volume has exceeded $17.3 billion today. In fact, since the recent bitcoin gains have been apparent, Bitcoin's daily trading volume has returned to a high level, recurring the trading spree at the end of 2017 and at the beginning of 2018 when the bitcoin price was above $15,000. At the beginning of April this year, the price of Bitcoin broke through the resistance of 5,000 US dollars, and the daily maximum transaction volume exceeded 21 billion US dollars.

Big rise

 

In the past month, the BTC has seen a significant upward momentum and is hardly shaken by bad news.

 

The upside was first started in early April, when Bitcoin traded in the low-end area of ​​$4,000, after which it generated huge buying pressure, and the BTC price rose to $5,000 within three days, when it began to sideways, and finally last night. Break through $6,000.

Even on May 8, the global head cryptocurrency exchange was hacked, bitcoin worth about $40 million was stolen, and bitcoin fell from $5,900 to $5,800, but then continued to rise to Today's $6,200 location.

The rising trend of Bitcoin is considered to be the strongest signal in the new bull market. The Coindesk reporter used the price trend of Bitcoin over the years as a comparison to determine the BTC's bull-bearing conversion based on the Relative Strength Index (RSI). As the chart shows, the RSI value of the latest period increases as the RSI value of October 2015. Once the RSI breaks through 60, the market momentum is expected to gain enough power to turn the bears.

However, the BTC rise did not drive the overall market up, including ETH, XRP, BCH, EOS and LTC in the top six market capitalizations.

Begining of the end?

There have been many views on this bitcoin boom.

Some netizens were surprised that the resistance level of $6,000 was weaker than expected. The optimistic people regretted not maintaining a firm bitcoin belief, but also ridiculed that the empty head was crying in the toilet.

However, more views are that Bitcoin will face the next retracement.

The digital currency madman trend believes in the article: "The bull market logic does not exist, and it has been getting closer and closer to the end of the rebound. The market's profit-making effect is still very poor. The market investors should continue to wait and see. The pie continues to rise for us. It doesn't make any sense."

Some investors also said in a circle: "A market that is unique is definitely not the beginning of a bull market, it may be beginning of the end."

Another retail investor said to the Odaily Planet Daily: "BTC after the Mavericks in these months, it is estimated that it will call back around 6500 points, after which the range will be oscillated, and the bottom will be repaired. It may be halved in 2020. On the occasion of the arrival of a real bull market."

Josh Rager, a popular encryption analyst on Twitter, believes that $6,450 is an "epic" resistance level and that if it enters the resistance level, it will be "crazy bullish" on cryptocurrency.

In April, Zhao Dong also expressed his opinion on the arrival of the bull market: "I guess a script from the bear market to the next bull market may not be correct. Let's see together: This wave is basically 4,000 dollars is the bottom, rebound arrives About 6,000 US dollars, and then come back to explore 4000 to confirm the bottom, it takes about half a year. Around October, the bottom of the knives will be ground again at around 5,000 knives. Before halving next year, it will rise moderately to reach about 10,000 US dollars. After halving, it will fall back to 6. $7,000. Then the big bull market opens until 2021, reaching a height of $50,000-100,000 (or even higher)."

Author: aloe

Source: Planet Daily

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