In the hour of yesterday’s analysis, Bitcoin made a surprising leap towards USD 8,000 and in fact, was able to breach it several times over the past 24 hours. Since that time, trading has happened in an extremely narrow range between USD 7,900 and USD 8,000 right up till this moment (11:30 am UTC, CoinDesk).
Just like the past series of bumps and dips, there have been no apparent news factor that seems to be driving the current momentum. Technical analysts will be pleased to point out that trend lines have remained intact and that upwards momentum should now carry on. On the other hand, stretch the timeframe a little farther and others will insist that the sentiment right now is slightly bearish, with June not expected to see another push towards the year’s highest resistance so far of USD 9,000.
This welcome recovery still does not end the current period of Bitcoin relapse, however, as there has yet to be a sustained period above USD 8,000, after which bulls will surely feel the upper hand will have returned to them. Ongoing yet uneventful trade tensions between US and China, as well as the sideways momentum in traditional stock markets seem to mirror Bitcoin’s inability to produce a strong signal for either side of the fence.
On social media, mixed responses can be seen. Some believe the reappearance of the infamous Bart’s head should be taken as a warning:
— sunnydecree⚡️ (@sunnydecree) June 11, 2019
Others still are insistently pointing out that despite all the technical signs, fundamentals are strong and continue to grow stronger. The Transaction Amount to Active Addresses (TAAR) metrics, for example, is now at 7-month highs, according to MelisWallet. This, to them, adds a fundamental validation to the current price growth.
1/One of the metric used to analyze the #bitcoin fundamentals is TAAR (Transaction Amount to Active Addresses Ratio) and it is hovering around 7-month highs, potentially adding a fundamental validation to bitcoin's latest price growth. pic.twitter.com/EToWRzBTQn
— Melis (@MelisWallet) June 11, 2019
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