NewsPrice Analysis

Bitcoin Price Breaks $10K Barrier – Where is all the Pump Coming From?

On June 21 2019, Bitcoin price reached a new peak, hitting $10,646 and firmly beating daily returns of almost all major cryptocurrencies. For the first time in 15 months

Bitcoin’s price surged above $10,000 on major cryptocurrency exchanges. The price broke the $10K barrier at 7:35 pm Eastern Time.

While Bitcoin price surged up with 6%, the whole cryptocurrency market is seeing only green with the total market cap of $300 billion. On 21st June 2019, towards the end of Friday, BTC/USD shot up from $9,915 to $10,225 within one hour. The next day, during the early hours of Saturday, the price has driven further to $10,230.

According to Coinmarketcap: Bitcoin Statistics is as follows

Bitcoin Price                     $10,647.83 USD

Bitcoin ROI                      7,769.80%

Market Cap                      $189,241,684,222 USD

24 Hour Volume            $24,643,143,665 USD

If the market finds support at our current level, that means the supply that is surfacing form the $9,250s is being absorbed and we are likely in for a ride to the $9,500s.  However, if we fail to hold support, I’m expecting a strong round of accelerating selling that would have us testing the $8,200s.

Technical Analysis

  • The Chaikin Money Flow is indicating a Bullish Trend. Showcasing continuous Buying Pressure, rising prices coinciding with CMF values above 0.36.
  • The Bollinger Band is showing divergent volatility in the market.
  • The Awesome Oscillator showed a bullish buying opportunity or short-term momentum in the market.
  • The Relative Strength indicator has turned bullish on the one-hour time frame which is above 70 levels. Indicating over brought condition.
  • The MACD indicator has turned bullish on the one-hour time frame and continues to issue a buy signal.
  • The Parabolic SAR markers were below the candles and showcased a bullish market.

Reason Behind Sudden Growth

Few crypto enthusiasts predict that the sudden rise in bitcoin price is due to the upcoming Bitcoin Halving.  The halving process is designed to curb inflation by reducing the reward for mining on bitcoin’s blockchain and is repeated every 4 years and leads to a shortage of supply. Usually, after every halving, the Bitcoin price has seen a significant drift.

Thus, the BTC price may continue to shine bright as the cryptocurrency is set to undergo mining reward halving sometime in May 2020.

Major Altcoins Following the Bullish Bitcoin Trend

Since it is obvious that altcoins usually follow the price fluctuations of Bitcoin, this time is no exception. As Bitcoin rises 9% today, the majority of altcoins also sets to reach new highs in 2019.

At present, Ethereum is the leading altcoin in terms of gains, with  8% growth. Ethereum also sets a new high, reaching $290 in 2019. On the other hand, Binance Coin also set a new peak reaching $37.80. Well, the drastic growth in BNB coin might be due to the recent BNB Elrond (ERD) token sale lottery. Here users have to accumulate an average BNB amount for 9 days in order to qualify for a lottery ticket in the Elrond token sale

Additionally, Bitcoin Cash is also one of the top gainers out of the top 10 most popular cryptocurrencies, surging +7% today. And, Ripple finally surges almost +4%, even though it declined after the big news of a partnership with MoneyGram.

Also, many lesser-known Altcoins are also an outstanding pump with more than 400% gains.

Considering all the things, it look like Bitcoin traders are enjoying the best day of their trading duration. It is worth noting that, the coin is expected to move in a similar direction for the coming few days. BTC would be experiencing selling pressure in the middle, but by the end of June 2019, the coin might cross $12,000. Both the long-term and short-term investments look promising. The traders can dig in and book huge profits from the same.

Where do you think Bitcoin is heading next?  

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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