{"id":402395,"date":"2019-10-25T21:03:39","date_gmt":"2019-10-25T21:03:39","guid":{"rendered":"https:\/\/wncen.com\/?p=402395"},"modified":"2024-06-11T09:10:07","modified_gmt":"2024-06-11T09:10:07","slug":"bitcoin-price-pump-further-fridays-15-bounce-analysts","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-pump-further-fridays-15-bounce-analysts\/","title":{"rendered":"Bitcoin Price to Pump Further After Friday’s 15% Bounce: Analysts"},"content":{"rendered":"

Seemingly in response to news that China has officially endorsed blockchain development, Bitcoin<\/a> (BTC) surged on Friday, liquidating $150 million worth of BitMEX shorts<\/a> in the process. Ouch.<\/p>\n

At its daily peak, the cryptocurrency’s price hit $8,800<\/a> \u2014 the highest it had been in over three weeks. As of the time of writing this article, Bitcoin is trading for $8,600.<\/p>\n

While the bullish momentum has seemingly paused for now, analysts are convinced that continuation to the upside is in the works for the cryptocurrency market, especially considering rapidly growing volumes on Bakkt<\/a> and broader bullish macro developments.<\/p>\n

Related Reading: Will Bitcoin Death Cross Lead to Another Year-long Bear Market?<\/a><\/h6>\n

Bitcoin Price Not Done Rally, Analysts Argue<\/strong><\/h2>\n

Popular trader Wolf noted that Bitcoin’s 12-hour chart and Moving Average Convergence Divergence (MACD) is currently printing a massive bullish divergence, with prices falling as the indicator has trended higher. He claims that<\/a> “after a pump like this, [a bullish rally usually follows.]”<\/p>\n

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Bullish Divergence on 12h MACD.<\/p>\n

After a pump like this, we usually go into a bullish rally.#bitcoin<\/a> pic.twitter.com\/u9hFiV0wPY<\/a><\/p>\n

— ImNotTheWolf (@ImNotTheWolf) October 25, 2019<\/a><\/p><\/blockquote>\n