What bitcoin bulls were waiting for?
Data from Bloomberg since reproduced by social media commentator Armin van Bitcoin shows BTC/USD hit $11,454 – a 5.8% daily increase taking the rate above the barometer average price.
Despite the levels being short-lived, enthusiasm was unusually palpable even for Bloomberg, the publication announcing that “Bitcoin bulls may have just got the technical signal they’ve been hoping for.”
Commenting on the development, van Bitcoin similarly implied a bullish upward trend was about to begin.
#bitcoin price crosses above 50 day moving average first time since mid January. I’m ready, are you? https://t.co/I69sfusTdk pic.twitter.com/1hbEWz69WB
— Armin van Bitcoin (@ArminVanBitcoin) March 6, 2018
Bitcoin’s (re)growing pains
Others were more cautious, celebrated trading analyst Tone Vays telling viewers of the latest episode of his ‘Trading Bitcoin’ podcast Monday that the latest daily candles could signal a return to below the 50-day line.
“Can the price pull back all the way to the 50-day moving average? The answer is: of course it could,” he suggested.
Vays had also previously warned about increased resistance for BTC/USD around the the $12,000 mark, a theory borne out by Bitcoin’s multiple failed attempts to close above that level in recent weeks.
At press time, Bitcoin was trading back under $11,000 on Bitstamp’s traditionally conservative ticker, while cross-exchange averages from Coinmarketcap delivered a price closer to $11,100.
The picture continues to appear broadly more pessimistic for major altcoins meanwhile, as assets continue to mimic Bitcoin shifts in a more volatile manner.
Ripple, having shot up around 20% Monday, reversed its gains to trade at $0.938, while all coins except two in Coinmarketcap’s top 50 posted losses amounting to more than double Bitcoin’s 4.8% 24-hour drop.
Images courtesy of Shutterstock, Twitter, TradingView
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