Unexpectedly Bitcoin Gains More Than 10%, Surpassing $7,000 Margin

Unexpectedly Bitcoin Gains More Than 10%, Surpassing $7,000 Margin

July 17 marked for bitcoin the start of a new era, perhaps. After months of predominantly downward fluctuations and steady lows, the “Big Daddy” finally managed to gain something more than just average.

On this day, BTC surged by 11% and started traded above $7,000, a price that hasn’t been seen for a month.

Bitcoin Catching Fanfares

After bitcoin’s price crashed to $6,000 in February, it managed to recover to its previous highs of $11,000 and $9,000 only in March and May respectively. Within other periods it was fluctuating between $6,000 and $7,000 when the former was in focus the most between June-July.

Unexpectedly, on July 17 at around 8:30 PM UTC bitcoin soared from $6,778 to $ 7,338, as per Coinmarketcap data. Moreover, the most valuable crypto-coin continued creeping up, getting as high as to $7,528 on July 18 at about 9:20 PM UTC.

What’s The Cause?

According to CNBC report, experts believe that the recent BTC’s “tiny” skyrocketing was related to rather technical matters than anything else. In particular, the top exec of BKCM Brian Kelly said:

"The $6,800 level was massive resistance for three weeks, and I think people were shorting against that and they just got their face ripped off," said Brian Kelly, CEO of BKCM.

In the meantime, the head and constitutor of Newton Advisors said the same causes could even make bitcoin grow even up to $8,000. He added that there aren’t going to be any news that would help the price of the “king of all cryptos” increase.

"We’re simply seeing some follow-through from recent progress in the last few days, and gradual basing out over the last month," said he.

As it is known, bitcoin found it impossible to turn to its record of $20,000 which it saw last in mid-December 2017. In the first six months of 2018, the coin has halved in price.

Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately Twitter thread entrepreneur Alistair Milne forecasted that the upcoming cyber money bull will decide which...
Increased Supply of Altcoins Will Depress Bitcoin, Says St. Louis Fed Report
As it is known, crypto-supporters (bitcoin bulls) widely believe that the increase in the capped supply of all cyber-coins will boost bitcoin’s value...
BTC Market Cap Will Surpass $7 Trillion Gold Cap, Say Winklevoss
Recently, Tyler and Cameron Winklevoss, world-known entrepreneurs and early supporters of cryptos, have taken part in Reddit’s traded at $4,061 and...
Crypto-Community Celebrates Bitcoin’s 10th Birthday
This year’s January 3 marks a decade since the first bitcoin block was generated by Satoshi Nakamoto. Back then, in 2009, this person (or group of...
Best Bitcoin Memes in 2018: ‘Hodling’ and Crying
2018 has not been an easy year for bitcoin, not at all. Whereas it left 2017 at the price of $10,000, it started the new year in a pretty bullish...
Bitcoin Hits $4,190 For The First Time Since Early December
For the first time in a fortnight, bitcoin has managed to creep above the $4,000-margin. As of writing, the king of all cryptos is traded at $4,031...
Bitcoin Surpasses $3,500 on the Anniversary of the $19,000 Record
Today, December 17 marks an anniversary since bitcoin hit the $19,000 high for the first time ever. Moreover, this day marks a petty recovery of the...