Bitcoin price news: Why is bitcoin flourishing today? What is BTC price today?
BITCOIN traders rejoiced today spil the market defied all odds and bounced back from the so-called ‘death cross’ to SURGE again. So what is the price of bitcoin today and why is BTC thriving?
Traders worried the Bitcoin boom might be overheen when charts suggested that BTC could druppel past the ‘death cross’ were reassured this morning are bitcoin resumes to prove it can surpass any obstacle.
The coin is sailing this morning, eyeing a 6.11 procent increase to be trading at $7,386.95 spil of writing.
Bitcoin dropped significantly last week, one of many victims te a market-wide plunge that wiped off almost $Ten billion from the entire market cap.
BTC fell to $6,000 a coin on May 30, pulling down past the dreaded death cross.
What is a death cross?
A death cross occurs when a stocks 50-day moving average (Moeder) exceeds its 200-day Moeder spil the price proceeds a sustained druppel.
Ter elementary terms, it is when a stock falls quicker than its long-term prediction, usually resulting te the demise of the stock.
Investors lose faith ter death cross victims very quickly, but that is not the case for bitcoin.
It has dropped perilously close to its own death cross on several occasions, most recently ter September 2018, when it fell past the line.
The cryptomarket took a significant succesnummer last week spil prices plunged.
Why is the price of bitcoin rising today? Should you buy?
The currency wallowed te the charts for a week before rallying back to register a $14,000 high.
Analysts suggest that history may be repeating itself spil the market looks to stabilise from its ongoing bearish trend.
If it can proceed its request and breach the $7,500 margin, the cryptocurrency could rally back into the $8,000 mark and remain safe.
Why is bitcoin thriving?
Bitcoin is steadily gaining momentum after a rough week, with the bulls pressing their advantage.
The market has taken a hitting after hacks, advertiser neglect, and regulatory speculation caused investors to bear down.
Jack Tatar, co-author of “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond,” said that while latest bans on cryptocurrency advertising by Facebook, Twitter and Google hurt prices brief term, they could legitimise the space.
“Of course, I don’t like observing bitcoin scrapping support below $8,000 but I do view some of this spil growing aches for it and other cryptoassets,” Tatar said.
Bitcoin is still, according to Tatar, ter its angsty teenage years. During thesis past few weeks of profit-taking, wij’ve seen “the acne and out of control hormones that may symbolise those years.”
“People need to recognise that crypto is still youthful and like the internet, those early years can be ugly,” Tatar said. “I do hope that things zekering getting thrown at bitcoin, but spil most teenagers know, life comes prompt and hard from all directions during the early years.”