The bitcoin exchange rate suddenly soared to 11%, the experts are saying about Pampa
Stock Markets Group – the exchange Rate of bitcoin after a two-day stay, today, in the afternoon, suddenly went into growth. The price of Bitcoin for one hour jumped $1 000, adding 11% to the morning opening.
Many players all this time remained outside the market and waited the cost of the most popular cryptocurrency reaches the bottom.
23:05 Moscow time., main trading platforms display these values of the rate BTC/USD:
Bitstamp – $7 734 (+11.34%)
Bitfinex – $7 741 (+11.9%)
Coinbase – $7 720 (+10.9%)
The market capitalization of bitcoin at the moment is $130 251 billion.
Recall that yesterday the growth of bitcoin was only 1.5%, while the coin was made near the recent low of $6 700.
The bitcoin exchange rate and unexpected “pump”
Experts can not yet say exactly what the reasons for the behavior of players in the market.
Some say that the exchange rate of bitcoin soared to $8 000, because this has the geopolitical situation in the world, and strained relations between the US and Russia.
However, no direct unambiguous dependence we have not seen since the reaction in other financial markets to the conflict, was much earlier and was already considered quotes pair EUR/USD.
There is also the view that the growth rate of a digital asset provoked panic on the ruble market and a sharp drop in Russian stocks.
Again, the reaction of the players was observed three days earlier, and therefore those who were panicking about the collapse of already bought bitcoin to hedge against risk.
Investors withdrew money from stocks and debt securities of the Russian Federation and translated them in cryptocurrency. This theory is in our opinion also has a right to exist. And, even more than the first two.
Given the dramatic Exodus from ruble assets and the stock market of the Russian Federation, many players could place free funds in bitcoin and other cryptocurrencies.
But the question remains in simultaneity of this growth, which allowed fans to run up a thousand points.
There is also another version, and it consists in the fact that major player, or group organized a “pump” to shake the market, and force buyers to believe in the beginning of a new wave of growth.
However, it is already clear that the steep rise in prices of bitcoin are not particularly impressed with those who remained out of the market because after some time the price of the asset loses about 20% of the bullish candle, and does not continue growth.
This behavior of the players on the classic financial market is called “bullish failure” and often after it the asset price falls to previous levels.
Now participants of the market manages to stay above $7 000 however, her breakout without confirmation, is not convincing.
Bitcoin exchange rate today
The movement that we saw today in our view is not justified since the growth was rapid, without reason and did not continue after some time.
It may warn players about the unfair price of bitcoin and the possibility of returning to previous levels.
The course of bitcoin continues uptrend after a small pullback. In this movement it is important rollback and re-growth.
If the value of bitcoin successfully pass this stage, it will be a confirmation of the intentions of the buyers to go higher to the target of $8000 and beyond.
Given the dubiousness of the current movement, we regard the situation as uncertain with a negative outcome.
The negative scenario
The rate of bitcoin will continue to decline, offsetting the previous increase. In this case, the price will rush below $6 700 for the near targets located at $6 000.
Bitcoin price is still weak for making global pivot, so the test of the market might be disappointing for those who bought bitcoin today.
Additional resistance, which will keep the coin from rising, acts as a slow line of Ichimoku indicator and moving average held at $8 000.
The major cryptocurrencies today yielding to a surge of optimism caused by the sudden strengthening of the main asset showing steady growth.
So the Ripple rate rose by 6.38% and reached $0.57, Ethereum strengthened 7.13%, approaching the level of $463.45, and Litecoin soared 3.63% to $122.86.
Market analyst cryptocurrency
Stock Markets Group™