Published: Mon, May 20, 2019
Markets | By Otis Pena

Bitcoin breaks $8,000 for the first time in almost a year

Bitcoin breaks $8,000 for the first time in almost a year

With the Consensus 2019 conference wrapping up tomorrow, we can expect to hear even more big news before it ends that could potentially push the Bitcoin price even higher.

Within the discussion, Keiser relayed that the stock market was about to crash, suggesting that this would provide a catalyst for Bitcoin to smash through this stubborn resistance. They also revealed that greatest assets associated with the business were security, privacy and technology.

That's because some market participants were relying on covered calls to get out of the dreaded crypto winter. Moreover, when he isn't writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies. Will the drop in U.S. stocks provide propellant for the market? or will we dip to lower levels? At the beginning of this year, Bitcoin price was under 4,000 dollars. Throughout 2018, the Bitcoin (BTC) price maintained a relatively low range. However, what makes this rally especially remarkable is that Bitcoin's trading volume has been at its highest ever for two straight days now.

Since hitting a 2018 price low of $3,112 on December 15, 2018, with a market cap of $56 billion at the time, bitcoin's price has since rallied almost 150 percent and now records a market cap of $136 billion, according to CoinMarketCap.

As such, that a Bitcoin rally broke $8,000 should not be all too surprising. This level should offer significant resistance in the near term.

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It comes just days after hackers stole more than 7,000 bitcoin from crypto exchange Binance, now rated the world's largest exchange for bitcoin. Out of the people interviewed, 20 percent revealed that they had invested in crypto currencies. This is further confirmed by the accumulation/distribution (A/D) line in the chart above.

BTC Might Be En Path to nearly $80,000 Though on a shorter time-frame it stays unclear as to if or not BTC will have the ability to transfer in the direction of $10,000 within the close to future, when wanting on the cryptocurrency from a protracted-time period perspective, there's a robust chance that the crypto incurs considerably additional beneficial properties within the close to future.

But there are plenty of other countries where Bitcoin looks like a safe haven. Most worryingly, at least for the moment, is the trade war between the USA and China.

However, some investors are proposing alternative ideas.

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