Cryptos Are Exploding Higher, Bitcoin Up Over $1,000 In Minutes
After a bloodbath of a week, Cryptos are suddenly soaring higher this morning.
The entire space is a sea of green…
Bitcoin is up over $1,000 today
Source: Bloomberg
Lifting all major altcoins into the green for the week…
Source: Bloomberg
Cointelegraph contributor Michaël van der Poppe had previously noted the 200-day moving average for Bitcoin (around $7,400) would form a likely support area.
“These dips on $BTC are overall giving you a beautiful opportunity to buy until the market starts its next wave up,” he told Twitter followers on Thursday prior to the uptick.
Source: Bloomberg
Resistance for Bitcoin still remains heavy closer to $8,500. Beyond technical circles, the mood suggests a catalyst is needed to overcome this. This week, investor Mike Novogratz told mainstream media that new custody solutions for institutional investors could be the clinching factor.
“It’s going to need new energy to really make the big move,” he said in an interview with CNBC.
Finally, we note that this sudden surge comes as the hash-rate reaches record highs, suggesting miners remain bullish…
And Twitter/Square’s Jack Dorsey could not have been clearer: “We love you Bitcoin.”
Tyler Durden
Fri, 10/25/2019 – 12:26
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