{"id":21015,"date":"2024-05-22T11:01:12","date_gmt":"2024-05-22T08:01:12","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21015"},"modified":"2024-05-22T12:10:45","modified_gmt":"2024-05-22T09:10:45","slug":"bitcoins-bullish-surge-is-it-the-real-deal","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoins-bullish-surge-is-it-the-real-deal\/","title":{"rendered":"Bitcoin&#8217;s Bullish Surge: Is It the &#8216;Real Deal&#8217;?"},"content":{"rendered":"<p><strong>The Bitcoin<\/strong> market has recently gained an impressive 14% within the course of a week, and this has created a lot of hype among traders as to whether this was indeed a legitimate market pump. Crypto trader \u201cRoman\u201d who operates under a pseudonym says that this is as real as it gets since fundamentals are also indicating the same.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoins-bullish-surge-is-it-the-real-deal\/#The_Necessary_Correction_and_Future_Predictions\" title=\"The Necessary Correction and Future Predictions\">The Necessary Correction and Future Predictions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoins-bullish-surge-is-it-the-real-deal\/#Market_Sentiment_and_Regulatory_Speculation\" title=\"Market Sentiment and Regulatory Speculation\">Market Sentiment and Regulatory Speculation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bitcoins-bullish-surge-is-it-the-real-deal\/#Potential_Short-Term_Volatility\" title=\"Potential Short-Term Volatility\">Potential Short-Term Volatility<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"The_Necessary_Correction_and_Future_Predictions\"><\/span>The Necessary Correction and Future Predictions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Some of the most recent movements in Bitcoin price include a sharp fall from its record high of $73,738 to a 21% decline which saw the price drop to $58,000 on May 2. This trend Roman described as a \u2018correction much needed\u2019 that forms the basis for future price increase. They pointed out a reversal pattern at the top end, which was a spinning top on the daily chart at $66,278 on May 20. Roman believe that <a href=\"https:\/\/coinengineer.net\/blog\/the-latest-on-bitcoin-and-cryptocurrencies-may-21\/\">Bitcoin<\/a> will not experience a period of consolidation anymore until it reaches the $90,000 mark.<\/p>\n<p>\u201cI believe that we will go up to $90,000-$100,000 before we get another round of consolidation or correction,\u201d said Roman.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Market_Sentiment_and_Regulatory_Speculation\"><\/span>Market Sentiment and Regulatory Speculation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At the time of writing, Bitcoin\u2019s price reached $70,140 and this increase is associated with growing expectations regarding possible regulatory decisions. According to the reports, the United States Securities and Exchange Commission (SEC) might soon clear spot<a href=\"https:\/\/coinengineer.net\/blog\/sec-requests-urgent-updates-to-spot-ether-etf-filings\/\"> Ether exchange-traded funds (ETFs).<\/a> This has further fuelled the market optimism as Crypto Fear &amp; Greed Index has risen by 12 points to reach the \u201cExtreme Greed\u201d level of 76 on 21 May.<\/p>\n<p>John Glover, Ledn chief investment officer, was aghast at how this speculation has affected Bitcoin price. \u201dIt only logic that ETH went up higher on this news; to me it is rather surprising that this pushed up BTC price as well because there should not be any change to demand of BTC from an SEC approval for ETH,\u201d Glover noted. He also expected some consolidation and profit taking around the $71,000 figure.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Potential_Short-Term_Volatility\"><\/span>Potential Short-Term Volatility<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While the headline is upbeat, some of the traders are expecting fluctuations in the short-run. The analysis of the liquidation data of CoinGlass shows that it would require a minor rise in the price of Bitcoin to about $71,000 or by just 1% to lead to around $766. Liquidation of short position of $73 million. On the other hand, a decline to about $1,000 less or $69,400 would amount to $101.54 million in long positions.<\/p>\n<p>Glover suggests that Bitcoin prices may go a little down before going up again. \u201cI would guess that we have a bit of profit taking and therefore the BTC prices are likely to drop from the current level of $71,000 in the next few days as well,\u201d he said.<\/p>\n<p>The market continues waiting for potential pullbacks before Bitcoin can advance in its macro trend higher.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin market has recently gained an impressive 14% within the course of a week, and this has created a lot of hype among traders as to whether this was indeed a legitimate market pump. Crypto trader \u201cRoman\u201d who operates under a pseudonym says that this is as real as it gets since fundamentals are<\/p>\n","protected":false},"author":6,"featured_media":17974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[61,1766,60,393],"class_list":["post-21015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-bitcoin","tag-bitcoin-btc","tag-btc","tag-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin&#039;s Bullish Surge: Is It the &#039;Real Deal&#039;?<\/title>\n<meta name=\"description\" content=\"Bitcoin&#039;s 14% surge sparks optimism among traders, with predictions of reaching $90,000 before another correction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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