After taking off at the end of 2017, bitcoin had a difficult 2018. BTC's price has fallen more than 60 percent in that time, but the top-ranked cryptocurrency is now in the midst of a mini-renaissance. Bulls hope that Bitcoin has enough strength to break the $8,000 barrier.
Negative regulations in some countries have raised concerns among retailers, which has impacted massive sales, driving the price down from $17,000 in January to $6,000 in the first week of February. However, even during the first decline in 2018, it was clear that a double bottom had formed and the price would fall to $5,900. After this fall, the price of BTC fluctuated chaotically in a wide range. Many analysts said that the price of bitcoin would have to touch the $5,000 limit to trigger a serious bullish trend. Four months later in June, the price of BTC fell again sharply and the top-ranked cryptocurrency lost $1,000 within a few hours. Two major attacks on cryptocurrency exchanges and concerns over price manipulation, as well as a technical correction, saw the price fall to its February 2018 low.
By late June, the bulls appeared to have lost the battle as the BTC price fell below $5,900 to test a new low at $5,700. However, despite the bearish trend present in the market, the bulls formed on the chart the “Head and Shoulders” pattern is a pattern of reversal (reversal) of the trend in the market.
Since the beginning of the second half of the year, a series of positive news arose thanks to positive feedback from Steven Cohen, managing director of BlackRock, and several other financial market stakeholders. These new investors appear to have contributed to the positive sentiment in the bitcoin market.
Also contributing to the positive sentiment was that "the bears have lost steam," said Barry Silbert, director of Digital Currency Group. As of this writing, BTC has managed to break through three different resistance levels in a day without any significant increase in buy orders. Bitcoin appears to be on the rise, and the next few days and weeks will show the peak of this price rally.
According to ethereumworldnews.com
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