Bitcoin Bulls Return to Consolidate at $8,700

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The bulls are back as the weekend trend of strong price gains returns, with the Asian trading market clearly showing a ravenous appetite on Saturday. In the past 11 hours, Bitcoin valuation went up by about 4% to peak at USD 8,755 before trading in a consolidation pattern near USD 8,700 (9:50 am UTC, CoinDesk).

As market capitalization briefly touched USD 155 billion, the rest of the crypto market was happy to follow suit, with the top 20 altcoins all posting gains, albeit with fewer percentage points than Bitcoin. Tezos and IOTA were the only ones not to show green on the charts, with the former shedding a full 2% of its price overnight (CoinMarketCap).

Trader teddycleps has nothing but good news for long traders, with the charts showing a first MACD indicator bull since three weeks ago. The speed and ferocity of the weekly resistance, he claims, will also have put the “bears in disbelief”.

More so for those who believe that this may be the last time we see Bitcoin trading below a 5-digit figure, although, given that Bitcoin typically sheds 90% of its value after every long-term peak, it might take a new all-time high above USD 100,000 to prevent a 4-digit price from happening again.

Most bullish traders will have been glad to see this performance, having predicted a mid-term uptrend since two consecutive months of rallies in April and May. With only half of June gone, there should now be renewed hope for a test of the current year’s high just above USD 9,000. Although, the conservatives will point to a curious lack of ambition from sellers in the past two weeks, as a possible sign that profit taking is waiting in the wings once a new high is achieved.


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