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article imageBitcoin price crashes through $7,000 may reach $7,500

By Ken Hanly     Jul 19, 2018 in Technology
Bitcoin has finally broken out to the upside, smashing the $7,000 barrier decisively and nearing the half-way mark to a new barrier of $8,000.
Bitcoin still down on the year
Bitcoin (BTC) is still down almost half, 47.85 percent for this year to date. If there is anything worth talking about today, it surely is the crypto space. Bitcoin has crossed the $7,000 barrier and it is trading near $7,500. In a remarkable surge during just an hour yesterday of $600
Both buyers and sellers expect bitcoin to go higher
Sellers in the over the counter (OTC) market are holding off selling their bitcoin as they believe the price will go higher. On the other hand buyers are eager to find sellers so they can buy low and sell high.
What caused the break upwards?
The suppressive bear market conditions were already fading yesterday and with the big jump yesterday if the momentum should continue, it will only be a matter of time before the bear market is history. The fear of missing out is strong for bitcoin, and can drive the trading pattern.
The regulatory space is becoming somewhat more friendly in some jurisdictions such as Japan. The fact that the major financial firm SBL opened a crypto-exchange in Japan for traders is a sign of this.
The Blackrock rumor
However, a main cause of the recent jump was the new that Blackrock, the world's largest exchange-traded fund provider and asset manager, is considering a venture into the crypto market. Recently Goldman Sachs announced a crypto trading desk. Obviously competitors have taken notice.
While the CEO of Blackrock did not fully back the rumours it makes sense that the largest asset manager in the world should enter the crypto market as we are now advanced to a stage where various techniques can be used to form valuations on cryptocurrencies.
Present situation
Bitcoin closed yesterday at $7,378 a bit above its open. It is now July 19 UTC. Bitcoin opened at $7,378 the high so far today, but the low has been $7,285. It is now 03:11 UTC and the bitcoin price is $7,329 down marginally from the open but it remains to be seen if the bullish recovery will resume. The present price of bitcoin can be found here.
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