There is a high downward pressure this week, leading to jeopardize upward momentum of Bitcoin. Despite this, it continuously soars high nearing to 8,000 dollars. In fact, at this point, BTC faced huge selling pressure some days ago.
Now, the point has come when Bitcoin has enough fuel to propel towards the 10,000 dollar mark. Hence, analysts believe Bitcoin will achieve this mark shortly. As a result, there would be a technical momentum for it in a significant way.
As per data, Bitcoin trades up about 8% with the price of 7,915 dollars. It rises from 7,250 dollars to this amount within 24 hours.
In the matter of a week, Bitcoin surged from 6,800 dollars to 8,300 dollars high. However, it reeled back to less than 7,000 dollars after this surge. In spite of these highs and lows, Bitcoin builds a great buying pressure. And, this pressure did not stop it from ascending high.
As a result of the current series of ascending momentum, the drastic shift comes in the market sentiment of cryptocurrencies. It gives rise to traders expressing their bullish sentiments for crypto markets. They are overwhelmed by the recent upward movements.
The popular crypto figure, Joseph Young gives testament favoring Bitcoin’s progress
Similarly, a popular personality in the crypto sphere, Joseph Young gives a statement. He has a strong follower base of near about 100 thousand. Young has a positive approach to Bitcoin’s progress. According to him, despite the pullback, Bitcoin is rapidly accelerating towards eight thousand dollars.
Concerning his tweet on 19th May, he says that Bitcoin fell to 6,400 dollars on 17th May. It is due to a sell order of about five thousand, Young says. It also led to the liquidation of BitMEX on a large scale. Further, with the rapid recovery towards 8,000 dollars, it proves a positive sentiment in the crypto-industry.
On the other hand, investors and analysts go bullish on crypto-market. Although it seems fascinating, it is not yet clear how much Bitcoin will surge. Similarly, analysts argue on settling the price of Bitcoin before it incurs enough resistance to lifting further high.
Furthermore, a popular cryptoanalyst, Crypto Rand notes regarding the upward momentum of Bitcoin. The analyst notes concisely that this surge will lead Bitcoin to reach above 10,000 dollar mark.
Traders and investors to gain high insights on the bullish run
As the week begins, traders and investors will gain high insights regarding the final destination of this rally. They will find out whether it has strong foundations of Bull Run in the early stage or not. Also, it is significant to understand the necessity of further consolidation.
Previously, the price of Bitcoin retested an 8,000 dollars mark. However, it followed a drop of 21.37 percent in its pricing sometimes ago. Since then, speculators and analysts argue in the price to hit $11,000 mark.
The largest cryptocurrency in the world now trades within a positive realm. And, it significant surges by 11% t scale high as much as 8,041 dollars on the exchange Coinbase. With this move, about 12 billion dollars bring in the basket of Bitcoin.