People are asking, “Is the Bitcoin Bull Back?”
- Is the Bitcoin Bull is back? Yes, it could be, we will see soon enough.
Bitcoin prices started to run this week, signaling the Bullish sentiment may have returned to the crypto markets.
Bitcoin rose Thursday supported by ongoing demand for cryptocurrencies.
Currently, Bitcoin is trading at: $8,349.9854,+174.98, or +2.14%, as of 5.00 a BST, the market is open.
It looks like a break out in here, will wait to see that is not a Bull Trap.
Bitcoin was ranged Thursday, suggesting that demand for cryptos has improved, but traders are still cautious as the popular digital currency’s prior attempts to mount a sustainable recovery was met by and turned back by major resistance.
The underlying sentiment on cryptocurrencies during Bitcoin’s prior failed attempts to recover appears different to the current environment as traders continued to buy the dips in cryptos pointing to firmer demand.
Data from the market show the total market cap of cryptocurrencies rose to $355-B, at the time of writing from $339-B Wednesday.
Analysts have cited the end of the US federal tax season Tuesday as the trigger for the turn in sentiment as the wave of selling in cryptos to fund US taxes following huge crypto profits in Y 2017 has finished.
A staunch Bitcoin advocate is predicting that the end of US tax-selling pressure supports a rally to $25,000 by the end of Y 2018.
Bitcoin Cash rose 7.73% to $962.19
Litecoin rose 5.12% to $145.45.
Ripple XRP rose 5.85% to $0.74098, and
Ethereum rose 6.20% to $555.50.