What Triggered Bitcoins Surge Today?

The last feed days things looked really bad for cryptocurrency. Money was flying out of altcoins into bitcoin and then being sold off. This drove bitcoins price down to $9,300 and I honestly felt like we where finally going to hit my healthy target point of $7,500 - $8,500.

As of writing this now Bitcoins price is now at $10,750 and continues to move higher. But there was a point where the price shot up over $900 within just minutes. What caused it ?

From digging into it this seems to be a large amount of orders that where set on a short contracts. These are done on trading platforms such s BitMEX and others. A large buy order then ends up crushing these short orders and sky rockets the price as all the short orders simply become liquidated and that money then floods into the value of bitcoin.

This was somewhat expected however the thought was that it would trigger more so around the $8,000 level. This should go to show you that no one ever really knows what is going to happen. You can however take all the information and then make the best educated/knowledge decision yourself based on that.

But we should be ready for some more wild swings in the weeks to come. This is based on bitcoin most likely heading back towards technical factors (technical factors are things such as external factors such as news) but there is one pretty decently sized event happening in just 17 days Aug. 5th 2019 in which Litecoin will halve.

Other things to keep in mind. In just 4 months bitcoin has raised in value by 350% but have fallen over 30% from it's highs where we currently sit at today. That is a MASSIVE amount of volatility but this volatility also points to the possibility to make massive profits. Even if you where as lucky to get 1/4th of the current rally and sell off it would take you over 50 years in the bank to earn that in a high yield savings account.

So what is the move now? I can't tell you but if its going to be based on technical factors lets be honest there is nothing but bad news going around for bitcoin at the moment. From Trumps tweets, to investigations and Facebooks project getting hammered by government the short term looks rather bleak for crypto on those factors.

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