Bitcoin: a Sharp jump of the course at $1000 for the weekend remains a mystery
Bitcoin is abruptly moved to a higher position at the weekend, as prices rose above $ 7,500, a level not seen since August of 2018. Without any major news factors behind the aggressive increase in rate, a sharp jump of $ 1,000 over the weekend remains a mystery to investors.
Bitcoin rose on Saturday by 10.66%. After rising by 2.82% from Friday Bitcoin ended the day at $ 7125. Last week, the growth amounted to 17.9%. Although those explosive steps are not something new in the volatile world of cryptocurrencies, by coincidence there is a perception that the rally in bitcoins occurred at about the same time when increasing trade tensions between the US and China undermined the mood of risk. The present price boom has also been associated with upcoming developments in the industry of cryptocurrency. In particular, it is the emergence of crypto-currencies of Facebook.
Although it is too early to say that Bitcoin has recovered as a potential safe-haven asset for investors, this idea will try to gain additional momentum, if cryptocurrency continues the sharp jumps in risk. Monday, 13 may was proof of this possibility. By the end of the day the price exceeded $ 7900, which is more than 10% in a day.
There is a likelihood that the bulls find inspiration in the news about the rally to jump into the departing train. Technical analysis on the daily charts also showing an upward trend. This occurs when the 50-day simple moving average crossed the 200-day moving average. With prices exceeding $ 7,500, and is currently traded in the area of 8100 dollars, the bulls remain in the spotlight.
However, it should be recognized that the trend began with the New year, after hitting a low of $ 3125 in mid-December. Any movement of Bitcoins to the North will probably continue to support other cryptocurrencies, particularly Bitcoin and Litecoin ABC Cash. Lagging on the market for XRP Ripple and Stellar Lumen may lose their positions if they fail to rise from current levels.
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The Company FXOpen