Bitcoin’s relentless surge in the past few weeks finally showed some signs of letting up today during Asian trading hours, settling right now to around USD 8,000 (6.45am UTC) after breaking bold heights at above USD 8,350 less than 24 hours earlier (Coindesk).
Even without positive industry headlines or hype-driven investments pouring in, bullish Bitcoin trader Galaxy points to strong fundamentals driving this rally, noting that “235 days of bear market has already been erased in the last 40 days of bull”.
The large-scale price recovery is mental.
235 days of bear market already erased in the last 40 days of bull.
And this time without massive media coverage, ico craze or heavy dumb money flowing in.
Just pure fundamentals. #bitcoin pic.twitter.com/shv4fRPHIS
— Galaxy (@galaxyBTC) May 12, 2019
Several pushes to stay above the critical USD 8,000 range during US trading hours failed eventually, and Bitcoin slipped all the way down to USD 7,642, before Asian traders took over and made an impressive climb above USD 8,000, where it has stayed more or less for the past 12 hours.
Nevertheless, Bitcoin still managed to post a positive gain for the day and is now showing no signs of exhaustion despite the earlier retracement. The bulls will be eyeing another attack of the USD 8,300 resistance levels, and if that is broken then USD 8,500 and USD 8,800 stand in the way before the next serious obstacles leading up to a landmark USD 10,000.
Bitcoin News Bitcoin Market Analysis from 12 May still notes a lack of major trading volumes to suggest a stronger and more sustained rally, and the trend of how easy buyers seem to be able to push past major resistance levels continues to confound analysts.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
