Cryptocurrency: Bitcoin Reaching Yearly Highs at $8,200
Bitcoin Technical Analysis: As June progresses, Bitcoin becomes more successful in the market. The price doubled since the losses in 2018. At the time of writing, Bitcoin prices are hovering around $8,000 per token. Other digital currencies have been seeing a lot of green as well.
Brian Krogsgard, a favorite crypto podcaster says he sees an indication of possible further price action in 2019. If the price keeps escalating past $8,200, there’s a potential to get into the low $9,000 range. The reported bitcoin technical analysis also shows a lot of hope.
So far the price has been fluctuating immensely, though managed not to go below $8,000 all day. This is an excellent sign for the bulls. The highest point today was at $8,186.930, with the lowest at $8,081.760.Even though it is still not close to the 2019 high in May at $8,785, it might get there soon enough.
“I would not say $8,000 bitcoin is a particularly attractive place to buy, we are fairly far from the mean, if you will, as in, we have moved fast so far this year, so I think that there will be probably cheaper places to buy, but it is certainly possible we have another leg up,” shared Krogsgard.
In 2017 the bitcoin price rose from under $1,000 to nearly $20,000. In 2018, bitcoin lost more than 80% of the previous value. We are witnessing a partial recovery of the token, which restored faith in cryptocurrencies.
Bitcoin does, in fact, influence other tokens. Though the impact is not as grave as you think. Many different digital coins have their appeal, such as higher anonymity. But if bitcoin sinks, other cryptocurrencies will soon lose value as well.
What Influences Crypto?
Recent findings reveal that digital tokens do not respond to the usual things that other instruments do. When it comes to moving traditional currencies, stocks, shares, or commodities, crypto seems to have an independent approach. In most of the bitcoin technical analysis, it is hard to see any correlation with other elements.
“…we have done more testing around bitcoin and cryptocurrencies than we have for pretty much any other asset we have analyzed, it simply appears the bitcoin price and crypto markets just do not respond as we expect them to.” Said Zak Selbert, chief executive of Indexica.
Usually, traditional trading instruments move depending on external influences, such as company announcements, government policy, etc. Cryptocurrency is the only exception to the market.
Due to the youth of digital currency, it is hard to say what truly influences the market. There were reports and studies conducted on the relationship between social media and crypto as well. Still, it is hard to pinpoint what the real reason is.
It is possible that the latest boom of the prices in bitcoin technical analysis is due to Facebook releasing a new token. The appeal of the digital coins is rising with social media getting involved. Soon enough, we will witness a world sharing one type of currency: digital.
Bitcoin Technical Analysis – … If the price keeps escalating past $8,200, there’s a potential to get into the low $9,000 range. The reported bitcoin technical analysis also shows a lot of hope… at $8,186.930, with the lowest at $8,081.760 … $8,785, it might get there soon enough.
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