What is the community saying about the recent Bitcoin price movement?

11 May, 2019
Opinion
What is the community saying about the recent Bitcoin price movement?

The recent bitcoin price rally has taken everyone by surprise, bitcoin is now up nearly 100% since the beginning of the year as it climbed to a new 2019 high, pressing just below $7,000. Traders took to twitter to voice their opinion on the Saturday morning climb, which saw the price jump $500.

Popular cryptocurrency analyst Luke Martin commented on the recent move stating that he expected a healthy retrace back to $6,100 would be ideal for the market after the jump to $6,800.

Castillo Trading put a question to the twitter community stating “Are you idiots done shorting BTC yet?”, Following it up by admitting that while they love shorting as much as other traders, but fighting the trend is not a good idea. Ironically, their tweet came before the recent BTC pump, which would have had a huge affect on short trades in the market.

Bleeding Crypto also provided commentary on the price movement, stating that $6,800 has become resistance as fuel to push any hire appears to be stalling.

The recent btc price movement has most of crypto twitter expecting a pullback after seeing the recent parabolic move that now sets bitcoins resistance at $6,800.

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Read more about: Bitcoin (BTC)

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