BTC breaks above $8500 - the community responds

26 May, 2019 | Updated: 27 May, 2019
by David Robb
Opinion
BTC breaks above $8500 - the community responds

Just as a typically quiet Sunday in the crypto market was coming to an end, Bitcoin now appears to have broken a key resistance level. With the price well above $8300, many members of the crypto community are responding with excitement.

Bitcoin is currently trading at the highest price it has seen since May 2018, when it was at the peak of a temporary pump that broke up the top crypto's year-long bearish descent from the ATH to the lows of $3500. Since early March, the momentum has been all positive, and this latest breakout from a week or so of consolidation between $7700 and $8300 indicates that there could be another impressive rally on the way.

Many prominent traders and crypto influencers are predicting another surge for the top crypto, with $10,000 now seeming like a realistic target for the short-term. As for an explanation as to how the price managed to break resistance, technical factors are the most likely, but Max Keiser didn't waste the opportunity to promote Bitcoin as an alternative to the global political and economic chaos he loves to rail against.

As usual, there were a few naysayers, with some people warning against FOMO and insisting that the resistance hasn't been broken until the market closes above $8200. Also, not everyone was convinced that the BTC rally is anything other than the result of market manipulation. 

So, where do you think we're heading next?

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Read more about: Bitcoin (BTC)

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