Bitcoin (BTC) Price Hits $7,100 as Bulls Look to Overtake Bears with Biggest Rally in a Month
Bitcoin Posts Longest Rally in a Month – Is This the Start of A Bull Market?
Bitcoin just broke the $7,000 mark, exceeding its 50 day average. As the rest of the cryptocurrency posts similar gains, some are wondering if this is the start of a bull market.
“Bitcoin posts longest rally in a month as charts turn bullish,” claims Bloomberg in a report from earlier today.
“And with momentum indicators suggesting the rally has further to run.”
The movement is bitcoin’s “longest rally in a month” because bitcoin has advanced for four straight days. Over the past month, the price of bitcoin hasn’t advanced more than three days in a row.
Earlier today, the price of bitcoin climbed about 5%, reaching a high of $7063.72 as we go to press. This is bitcoin’s highest price since August 3, putting bitcoin on pace to close above its 50 day average for the first time July.
Altcoin markets also rose, with Ripple, Bitcoin Cash, Ethereum, and Litecoin rising by 3% to 6%.
Dash was one of the biggest winners of the day, surging 26% after a Krypto Mobile Partnership was announced.
Bitcoin’s strong daily momentum isn’t the only reason Bloomberg expects prices to continue to rise: Bloomberg also cited Divergence Analysis Inc.’s (DVAN) Buying and Selling Pressure indicator, which is pointing higher.
Bitcoin has had a rough year, to say the least. After peaking at a price of $20,000 in December 2017, bitcoin has had a dismal 2018 as it struggles through a bear market. Bitcoin lost as much as 75% of its value from its all time high.
After eight months of a bear market, could a bull market be just around the corner? It’s tough to say. Prices have consolidated above the $6,000 level in recent months, and institutions continue to get involved with the industry in a major way. Time will tell where bitcoin ends up by the end of 2018.