Bitcoin soared 5% to a new high in 2019, but can you continue to go on?
Bitcoin disdains bad news
When the currency was hacked and lost $40 million in bitcoin, the price of BTC did not seem to collapse. Well, although the news came out, Bitcoin fell below $5,800, but it quickly began to rebound and soon broke through the $6,000 mark.
The bad news ended up not being overwhelmed by the bullish gains, and the bulls pushed the bitcoin to a new high of 2019 – $60,759. In other words, on the day the world's largest cryptocurrency exchange was attacked, the price of Bitcoin rose by 3.5%. It seems that as the economist and cryptocurrency analyst Alex Krüger said, Bitcoin seems to be not afraid of bad news.
Yes, Bitcoin did fall in a turmoil, but it quickly began to rebound and set a new high this year.
"The new model is now: Bitcoin is not affected by bad news. – Alex Krüger (@krugermacro) May 8, 2019"
Fundstrat's Tom Lee also noticed the market reaction of cryptocurrencies and appreciated the way in which cryptographers deal with hackers.
“In the decentralized world, the community places great emphasis on those companies and entities that are truly creditworthy. The currency is like this, look at the reaction of the community and the market. — Thomas Lee (@fundstrat) May 8, 2019”
Great resistance of $6,000
Currently, Bitcoin has exceeded $6,000, and analysts are staring at the next step in Bitcoin. At present, Forbes published an article saying that this move may lead to a sharp rise in the price of the currency, and there is no such reaction as panic in the market.
John Todaro, director of digital currency research at TradeBlock, commented that "$6,000 has been the key price level for Bitcoin." In addition, Jeff Dorman, chief information officer of asset management company Arca, said that once Bitcoin exceeds this level, "there will be nothing to hinder the rapid and significant growth of Bitcoin."
Bitcoin is currently in a resistance zone. In 2018, Bitcoin had been in the vicinity of $6,000 for nearly three months. If the price trend regains the old path of last year, Bitcoin will consolidate at least at this price until August this year. Encryption technology analyst Josh Rager had predicted a callback and pointed out:
"At present, Bitcoin is facing unprecedented resistance. Don't think Bitcoin will easily cross this area. Of course, if Bitcoin can rise above $6,450, waiting for Bitcoin will be a crazy rise. In my opinion Come, if Bitcoin and so on rise above $6,450, it will not fall below this level. — Josh Rager (@Josh_Rager) May 9, 2019”
As the price of the currency rises, the market share of Bitcoin has increased significantly, only slightly below 57%. However, Ethereum and Ripple do not seem to have risen tremendously with the rise of Bitcoin.
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.