Bitcoin Up 8%, Surpasses $3,600
That’s right. For once in weeks, crypto bulls have reared their ugly heads, pushing the market dramatically higher in a few hours’ time. In the past few hours, Bitcoin (BTC) moved rapidly past $3,500, $3,600, and even $3,700 at one point, with lots of buy-side pressure to match.
Interestingly, however, there have been no overt catalysts that have been reported. Thus, some claim that this move is nothing more than a ‘bear market rally’, where assets post short-term gains to form a ‘bull trap’ or ‘dead’ cat bounce’, subsequently moving to lower lows.
Yet, the fact remains that for once in weeks, cryptocurrencies are looking green. For some traders, this simple move is enough to make them decidedly bullish.
At the time of writing, Bitcoin is currently valued at $3,673 a pop, posting a 7% gain, as BTC moved off the $3,350 range it was trading in yesterday.
This move, coupled with even stronger performances from altcoins, has allowed the aggregate value…
Read Full Story : Ethereum World News