While Bitcoin Rallies to $11K, Keep a Cool Head and HODL, It’s Just the BeginningBitcoin’s goals are much higher.
Bitcoin is still alive! This is the first lesson to be learned from the sharp increase in the Bitcoin price observed in the last 48 hours. I personally never doubted it, but for some, what is happening now is an important reminder.
While Bitcoin price had already shown signs of positive evolution last week by moving out of the $9,000 — $9,400 range in which it had been stuck since the beginning of July, everything accelerated on Sunday, July 26, 2020.
Bitcoin’s price was then around $9,600.
Within 24 hours, the Bitcoin price rose sharply to break through resistance one by one. First, the $9,900 resistance was broken, then it was the turn of the $10,500 resistance.
This last old resistance was an important milestone to cross to see the Bitcoin price go higher. Investors were aware of this, and everything followed at breakneck speed.
Within a few hours, the Bitcoin price had risen above $11,000 and even reached $11,400 on some trading platforms. Bitcoin was back at a price not seen since August 2019.
Within a few hours, the Bitcoin price showed a strong increase of +17%:Bitcoin price increase of +17% The FOMO feeling is back in the Bitcoin world
Sentiment in the Bitcoin market changed quickly within hours. We went from a feeling of fear that had lasted for several weeks to a feeling of extreme greed:Fear & Greed Index in Bitcoin World
Many people ask me what are the reasons behind this sharp increase in the Bitcoin price.
Some people seem surprised to see Bitcoin once again breakthrough that psychological barrier of $10,000 that it has been fighting against for many months now.
To tell the truth, there are many reasons to justify this increase in Bitcoin price.As I explained in early July, those who called Bitcoin boring were very much mistaken.
They were ...