1.19% $7,510.83
CNX
CRYPTONEX
+128.57%
$0.021
BXT
BITTOKENS
-65.56%
$0.59
BITCOIN PRICE NEWS JULY 22, 2018 15:12
Bitcoin Opinion: The Bulls Are Back In Town
bitcoin price
Advertisement
On my last piece during the previous week, I analysed how the northern hemisphere summer time is usually kind on Bitcoin. Of course there was the 2011-2012 exception, when the entire market was bearish for almost 2 years in a row, but let’s ignore that for now. If we enter a dry season there is nothing to be done except patiently wait for the mercy of institutional money.
1.20% $7,511.08
CNX
CRYPTONEX
+128.57%
$0.021
BXT
BITTOKENS
-65.56%
$0.59
BITCOIN PRICE NEWS JULY 22, 2018 15:12
Bitcoin Opinion: The Bulls Are Back In Town
bitcoin price
Advertisement
On my last piece during the previous week, I analysed how the northern hemisphere summer time is usually kind on Bitcoin. Of course there was the 2011-2012 exception, when the entire market was bearish for almost 2 years in a row, but let’s ignore that for now. If we enter a dry season there is nothing to be done except patiently wait for the mercy of institutional money.
For obvious reasons, today we tell a different story.
One month after the June mini-bull run, we’re finally starting to see some positive action. New, fresh money is coming into bitcoin and that has given the market a nice pump back into the USD 7400 price level.
Do you know what that means?
–this article shouldn’t be taken as financial advisement as it represents my personal opinion and views. I have savings invested in cryptocurrency so take whatever I write with a grain of salt. Do not invest what you cannot afford to lose and always read as much as possible about a project before investing. Never forget: with great power, comes great responsibility. Being your own bank means you’re always responsible for your own money—
Bitcoin Gone Wild
When the market turns around there are many signs you can check for, in order to have funds available to put into cryptocurrency. I won’t go into much detail about historical prices, as I’ve covered that already, but it’s worth mentioning again the two key factors for success:
1 Timing, or better yet, buying/selling at the right time;
2 Sentiment, as you need to understand market behavior in order to predict price movements.
What’s going on with Bitcoin’s price?
On July 17th, at its lowest, volume was around USD 4,242 Billion. Fast-forward a couple of hours and around USD 1 Billion was added to the market.
This drove Bitcoin prices to rise around 8%, from USD 6700 to USD 7300.
If you’re wondering what or who may have caused this, I really cannot be of much help. Most likely, we can blame the usual culprit: smart-money, so institutional investors, large hedge funds, banks, etc.
When we check some professional traders and investors, like Alessio Rastani, Mati Greenspan or Daniel Jeffries, we can see not only were they hedging in favour of Bitcoin, but also expecting a price movement like the one that just happened.