Sudden Pump in the Price of Cryptocurrencies
there was a sudden pump in the price of bitcoin followed by a sudden dump but not of same value. There was a need for this pump as bitcoin's price has crossed $8,000 mark for first time since march. Total market had also dipped below $245 billion for the monthly low.
There is almost $1,000 jump in price in just 30 minutes this jump is unusual however pleasant for the bitcoin community. Now the total market capital is near $2,97 billion and this will keep increasing. Bullish pattern that was due in quarter two has just started and we will see more jumps like this in the near future.
Whole cryptocurrency market was crashing and there were no sign of recovery since march because of some bad news and TAX day in U.S. Bitcoin had shown stability around the $7,000 and there was no sudden and major decline in the price of bitcoin this week or last week which has become the reason for this sudden pump.
Maybe coming bull seazon.
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Trend is still lower so beware! Need to look at volumes to back up any change in trend. A possible cause of the move could be some short sellers covering their positions which forces buying. If it continues, more shorts could be squeezed and forces to cover their positions.
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