Bitcoin Up Above $8,150 Yet Not Out Of The Manipulation Matrix, What Exactly Is Moving The Prices?
- Bitcoin currently held down at the top of the channel
- Once BTC moves past the resistance at $8,360 region in June, we would take off toward $10k in July
- But what really moves cryptocurrency prices?
After going down to $7,500 level on June 10th, Bitcoin has started to move higher as it went to $8,060 on that day to move to $8,200 level today. The leading cryptocurrency is still stuck at $8k level however, instead of being below this mark, now we at least have moved up and now stuck above it.
At the time of writing, the world’s top cryptocurrency has been trading at $8,089 with 24 hours gains of 1.39 percent. Meanwhile, it is still managing the daily trading volume of $719 million.
Crypto analyst, The Cryptomist has the target set at $8,360 region as we work our way towards wedge resistance. According to her, we could peak above resistance but she cautions about getting excited.
“I expect us to work through this wedge for rest of June and then take off July towards 10k.”
Recently, we reported the best scenario for Bitcoin price by analyst Bob Loukas which is shared by crypto trader and investor Credible Crypto that is a retrace to $6k. He further projects that after falling back to that range we would clear the liquidity at the lows and test the $7,200 – $7,300 range.
Meanwhile, crypto trader and investor Josh Rager says Bitcoin is currently held at the top of the channel. If the flagship cryptocurrency breaks this channel we would be heading to at least $8,550 level that will set the target at $8,700 and above.
But What Really Moves Cryptocurrency prices?
From the lows of 2018 at $3,150, Bitcoin has more than doubled as till now in 2019 it is up 119 percent. Other cryptos such as Ethereum, Litecoin, Bitcoin Cash, Bitcoin SV, EOS, Binance Coin, Cardano, Tezos, Dash, Ontology, and BAT are also up more than 100 percent with some of them in the green by as much as 300 and 500 percent in 2019.
So, what exactly is behind this uptrend and what drives the prices of Bitcoin and other cryptocurrencies?
According to the research of Indexica, cryptos do not respond to things that usually move traditional assets as Zak Selbert, chief executive of Indexica says
“It simply appears the bitcoin price and crypto markets just don't respond as we would expect them to.”
This could be due to the fact that Bitcoin is just a decade young while stock market has decades, if not centuries of price discovery, as put by Mati Greenspan, senior analyst at eToro while trader Glen Goodman says, “Bitcoin and crypto prices are all about excitement or lack of,” because he says no one knows whether Bitcoin will become a store of value like gold or a new global reserve currency like the dollar.
Greenspan in his daily market insights explained how sentiment and momentum are king that is driven by adoption rates and real-world usage.