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The Bitcoin price has rebounded to $ 8,100 in the past 24 hours, after falling to 7 $ 850 on April 17. The rapid recovery of bitcoin and the good performance of major cryptocurrencies such as Monero and 0x have allowed the market to climb to $ 334 billion, hoping to grow to $ 350 billion.
Analysis of Bitcoin
Moving averages and moment oscillators indicate a neutral zone for bitcoin, which is often an optimistic indicator of short-term growth. The relative strength index (RSI) of bitcoin remains below 55, which means that bitcoin is neither oversold nor overbought by traders in the market. A neutral RSI zone is crucial for bitcoin in the short term, as oversold conditions demonstrate a bear cycle, while overbought conditions imply a decline in value.
Momentum indicators like the Moving Average Convergence Divergence (MACD) provide strong buying signals, and exponential and simple moving averages show a strong momentum of bitcoin. With its recovery rate of 3%, it is likely that the price of bitcoin will reach the $ 8,500 mark in the coming days if it can maintain momentum in the last 24 hours.
Basically, bitcoin and the entire cryptocurrency market at an ideal position to develop. This month, some of the largest institutional investors such as the Soros Fund, Rockefeller's VenRock and the Rothschild family have announced their entry into the cryptocurrency market. Some analysts suggest that the massive increase in value from $ 6,900 to $ 8,000 and the second surge from $ 8,000 to $ 8,500 were caused by a large influx of capital from these institutional investors.
This week, South Korea's largest cryptocurrency purse, Bithumb, also revealed its holdings and profits, as the company is operated by BTCKorea, a public company listed on the Korea Stock Exchange. . According to the public document, Bithumb holds more than $ 6 billion on behalf of its users, and has generated more profits than its revenues because of their holdings in cryptocurrencies.
As CCN previously reported "it is likely that Bithumb generated its non-operating income from its direct investments in cryptocurrency, because it is possible that the company has funds in crypto-currencies like bitcoin and Ethereum. "
On April 17, Verge, the crypto-currency focused on privacy, introduced the biggest pump of the market this week, with an increase of more than 40% over a period of 12 hours. The pump was generated by Verge 's announcement of a major partnership. Later that day, it was revealed that Verge has partnered with Pornhub, the world's largest pornography distributor, to allow users to buy pornography with cryptocurrency.
As soon as the partnership was formalized, the price of Verge (XVG) dropped by more than 37%. Initially, the price of XVG jumped from 1000 satoshis to 1400 satoshis, while the community anticipated the finalization of the great partnership. Immediately after, the price of XVG went from 1400 satoshis to 888 satoshis.
Analysts have recommended traders not to trade crypto-currencies, both minor and major, based on rumors and partnerships because in most cases traders suffer significant losses after trading rumors and partnerships.
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