Bitcoin price sharply jumped to $8 000, two hours an increase of almost $1 200, and then partially fell. Now bitcoin is trading at $7 660. Rose and the daily trading volume of more than $1 billion to $8.1 billion.
Bitcoin reached this level for the first time in the last two weeks in April, he tried several times to take $7 500, which traders considered a major milestone for bitcoin since the end of March, but to no avail. In the last few days bitcoin was trading between $6 700 $7 100 on the major exchanges.
When the experts are trying to find causes of sudden volatility, start talking about what big money is manipulating the markets. So, Alexey Markov, an expert from the United Traders sure cryptocurrency has risen sharply in price because of speculation. However, this may mean that in the future the price will continue to rise.
«What we are seeing now, yet more reminiscent of the so-called «short squeeze» – the closing of short positions by speculators. The main indicator was the strong movement of the pair BTC/USD $7 100. According to information published by the exchange Bitmex is one of the leaders in the number of margin positions — for the purchase, sent applications for more than $50 million. Other cryptocurrencies are also quite improved, but in relation to bitcoin has shown a sharp decline. I think that in the absence of news, this movement is purely speculative, but a very healthy sign of a turn, when the bulk of waiting to buy like «cut» and create a sense that buying has become expensive,» he said.
However, according to the analyst AMarkets Artem Deev, these races are absolutely normal for financial assets. Events that could affect the price of bitcoin lately did not happen.
«Bitcoin fluctuates over a comparatively wide range of the last week, so after a recent fall by 10-15%, which began yesterday and continued today movement lies generally in the same direction. The most significant news there, but in periods of consolidation are such movements in financial assets often», – he stressed.
Head of analytical Department of Grand Capital Sergey Kozlovsky supports the view that the price of bitcoin has grown not on the background of positive news, and due to the reduction in the volume of sales.
«After a two-week consolidation quotes at the level of $6 500 bitcoin finally turned around, rushing to around $8 000. At the time of writing the review course is $7 700. This rapid growth we are not associated with any news – only movement within the technical channel and psychological pressure on sellers. For two weeks the rate stayed at $6 500, not having occasion for the further growth. During this time, exchange volume for sale has decreased significantly, which led to growth and continued volume purchase. Later, analysts will try to tie some fundamental event to the growth of bitcoin, but now the objective is only one factor – fatigue sellers and narrowing spreads as a result», – said Kozlovsky.
In the end, analysts came to the conclusion that the further growth potential needed to overcome the more General downward trend that characterized the behavior of bitcoin in recent months.