Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally
[NEWS BLOG]: Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally
Since NewsBTC’s last market update,
Bitcoin has continued to rip higher, recently hitting $6,750. With this, the cryptocurrency is up nearly 9% from the daily lows around $6,200, and up over 16% from the weekend lows at $5,800.
Although not on the same magnitude, many have likened Bitcoin’s recent price action to the 25% surge seen on April Fool’s and April 2nd last year, which was a move that kickstarted a rally from the $4,000s to $14,000 by mid-June.
Analysts believe that the cryptocurrency could continue higher.
Could Bitcoin Continue Even Higher?
Prominent cryptocurrency trader Flood, who called Bitcoin’s weekend move under $6,200, recently wrote that the cryptocurrency next’s stop is likely $8,000. His charts show $8,000 as a key resistance and $7,000 to $8,000 as no man’s land from a volume profile perspective.
Also, according to Bloomberg, the recent price action has allowed a key buy signal to appear: the Bloomberg Galaxy Crypto Index (an index of the top digital assets that includes Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and EOS) recently printed a buy signal, according to a trend indicator, the GTI Vera Convergence Divergence Indicator
A buy signal was last seen early on in January, when Bitcoin was trading in the mid-$7,000s. And a sell signal was seen near the end of February, when BTC was trading in the mid-$9,000s prior to the infamous March 12th capitulation, which has since been dubbed “Black Thursday.”
OTHER RELATED NEWS
Facebook Seeks Wallet Engineers As Blockchain Job Openings Top 30
Facebook is looking to hire more than 30 professionals to ramp up its blockchain work, including the Libra cryptocurrency.
The social media giant’s career website now lists 31 job openings requiring some blockchain expertise. Six of them are for Calibra, Facebook’s wallet app for Libra. These are all jobs for data scientists and engineers, who will analyze how users interact with Calibra and other Facebook services.
“The wallet will be the delivery vehicle for many financial services starting with personal payments, but expanding to online and offline commerce and eventually lending and personal financial management,” the job description says.
The blockchain team is - read more.
This Crypto Could Rally 40% in Coming Days After a Highly Bullish Breakout
The aggregated crypto market saw a notable rally today that was led by Bitcoin’s surge past the heavy resistance it was facing at $7,000. This allowed altcoins like Tezos to gain some independent momentum, with XTZ significantly outperforming BTC.
This momentum seen by Tezos may be just be a hint of what’s coming in the days and weeks ahead, as analysts are noting that it broke above a key horizontal resistance that may give it room to rally further.
The altcoin was also able to break out of a bullish technical pattern that it had been establishing, leading analysts to - read more.
How Close Are We to Hyperbitcoinization – Total Bitcoin Dominance?
Experts believe that bitcoin still has a long way to go before it gains mainstream global acceptance – but believe that the token could become a global mainstay, and even eclipse the dollar by 2030.
Industry insiders call the phenomenon “hyperbitcoinization” – the widespread, global adoption of Bitcoin that will see it eventually surpass conventional fiats like the dollar, the euro or the yen.
But what do experts mean when they talk about hyperbitcoinization – and can industry players do anything to help speed it up?
What is Hyperbitcoinization?
Hyperbitcoinization is not just a matter of bitcoin becoming more popular. It - read more.