What happened to the Bitcoin price?
There was a short hesitation around the $8,000 threshold, and then it turned into the euphoric Bitcoin bull when its price passed $8,500.
The moment coincided with the American Memorial Day holiday weekend, which did not appear to dampen enthusiasm for crypto since the market capitalisation of Bitcoin broke the psychologically-important $150 billion mark.
If we are to consider all cryptocurrency exchanges, Bitcoin is close to $9,000. This is seen as a “point-of-no-return” for Bitcoin by some analysts. The positive sentiment continues as the next foreseen mark is expected to be towards $10,000.
TheTie.io indicates that within the previous month, Bitcoin tweet quantity has improved and it’s currently 98% greater compared to the average. Research by the Southern Methodist University (SMU) indicates there’s a good correlation between the number of Tweets and Bitcoin price: “By assessing tweets, we discovered that tweet quantity, instead of tweet belief (which is always overall optimistic irrespective of price management ), is a predictor of cost management…”
You can check the currency daily opinion and sentiment on TheTie.io.
Bitcoin is currently flourishing again on a yearly scale. We can all now see and understand the concept of hodl-ing your cryptos. For instance, those who bought cryptocurrency a year ago are now seeing positive returns.
This new annual high price was sufficient to raise the whole market: the cost of lesser-known altcoins, Ethereum, XRP, Bitcoin Cash, and Litecoin. They’ve all seen a daily growth correlated with the price of Bitcoin.
What’s the Bitcoin price now? Bitcoin Price analysis
Bitcoin price began consolidating after being traded for $9,000. We can expect a correction soon, but it’s very likely to climb above $9,000.
We found a significant up movement at Bitcoin price over the $8,300 and $8,500 resistances from the US Dollar. The BTC/USD pair also broke the $8,700 benchmark. The bulls took charge, and the cost traded near to the 9,000 level. A brand new 2019 high was shaped close to $8,952, and the price is presently consolidating profits.
More importantly, there is a vital bullish flag pattern forming immunity around $8,860 concerning the hourly graph of the BTC/USD pair.
Consequently, if there is an upside over $8,860 and $8,900, the price tag is quite likely to resume its upward motion. Above $9,000, the bulls will aim $10K in the coming days.
An intermediate resistance is near to the $9,280 threshold. Conversely, if there is a drawback below the 8,620 level, the buy price might trade between the $8,450 or even 8,425. The 50% Fib retracement level of the current rally at the $8,700 could be near $8,426.
Having a look at the chart, bitcoin price seems to combine recent earnings over $8,600. On the reverse side, if the cost starts a drawback correction, then the 8,450 service area could prevent losses. Under $8,425, the trading levels are near $8,300 together with the 100 hourly simple moving average.
Technical indicators: Hourly MACD — The MACD is quite likely to return to the bullish zone following the current correction is undamaged.
Bitcoin price began consolidating profits after trading 9,000 from the US Dollar. The BTC price could get corrected briefly, but it’s very likely to climb higher above $9,000.
Bitcoin Price Diagnosis
We saw a substantial upward movement in bitcoin cost over the $8,300 and $8,500 resistances from the US Dollar.
The BTC/USD pair also broke the 8,700 immunity and settled over the 100 hourly easy moving average. The bulls took charge, and the cost traded near to the 9,000 level. A brand new 2019 high was shaped close to $8,952, and the price is presently consolidating profits. There was an evaluation of the 23.6% Fib retracement level of this current rally in the $7,900 reduced to $8,952 high.
More to the point, there’s a critical bullish flag pattern forming resistance around $8,860 about the hourly chart of this BTC/USD pair.
Consequently, if there’s an upside down above $8,860 and $8,900, the cost is very likely to resume its upward movement. An intermediate resistance is close to the 9,280 level.
Conversely, if there’s a drawback break below 8,620, the purchase price might trade involving the $8,450 or 8,425 supports. The 50% Fib retracement level of this current rally in the $7,900 reduced to $8,952 high can be close to the 8,426 level. Therefore, dips in the present levels are very likely to find support around $8,450.
Taking a look at the TradingView graph, bitcoin’s price appears above $8,700. It’s very likely to resume its rally over $8,860 and $8,950. The principal targets may be $9,120 and $9,280. On the flip side, if the purchase price begins a downside correction, then the 8,450 support region could stop losses. Under $8,425, the primary support is close to the 8,300 level.
Major Resistance levels are $8,860, $8,950 and $9,000.
Social media reactions on Bitcoin price for today
— Adam Samson (@adamsamson) May 29, 2019
Perma-bull and Fundstrat senior analyst Tom Lee has stated that the “actual FOMO” will creep up after Bitcoin overtakes the $10,000 threshold.
Lee announced in reaction to some tweet by Financial Times journalist Adam Samson. Samson claimed in his view Bitcoin is led toward’flat 10 FOMO’ and that he declared a Fundstrat picture indicating level 5 FOMO is going to be triggered if Bitcoin retakes $8,900 and this is “equal to attaining $3,200 at 2017.”
Actually the point of the chart is to say “real FOMO” probably starts when #bitcoin exceeds $10,000 as that is a price level only seen 3% of all days…
…mathematically equivalent to exceeding $BTC $4,500 in 2017
Looking back, that price was a level that indeed triggered FOMO
— Thomas Lee (@fundstrat) May 29, 2019
In his tweet, Lee clarified that the “real FOMO” that will start when BTC/USD surpasses $10,000 is “a price level only seen 3% of all days [and] mathematically equivalent to exceeding $BTC $4,500 in 2017.” While Lee’s assessment is exciting, not everyone in the crypto community was convinced.
Several Twitter users tweeted doubts about Lee’s ‘false equivalency’, and a few countered that Bitcoin FOMO wouldn’t reach a peak until the top cryptocurrency overtakes the previous all-time high as this will be the “psychological point where all tourists will think the Bitcoin thing has legs.”
Formerly, Lee also called the price would likely hit $10,000 sometime this year.
While this dialogue is great for discussion, investors are convinced that since Bitcoin’s price continues to rise and so will the FOMO (Fear Of Missing Out). The upcoming halving event will bring Bitcoin to new all-time highs.