Bitcoin Sees Massive Rally Hitting and Surpassing $8K, Bulls Celebrate

Apr 29, 2020 at 14:09 // News
Coin Idol
Bulls celebrate as Bitcoin rallies past $8,000

Bitcoin has broken the $8,300 line, and this seems to have triggered strong bullish sentiment. The community anticipates its further growth.

On April 29, the global BTC price at the coinmarketcap is up about $8,323, up 7.37% from 24 hours ago. The trading volume (24h) is about $42.55 billion and the market cap (MC) is about $152.75 billion. The total MC of cryptocurrencies is $232.443 billion, and the bitcoin’s market share is 64.0%.


Investment sentiment has shrunk compared to the previous day. Actual cryptocurrency provider Alternative's self-established 'crypto fear and greed index' recorded 26 points, down 1 point from the previous day. The feeling of diminishment contracted slightly, and the 'horror' stage continued after yesterday. The index closer to 0 indicates extreme fear of the market, and closer to 100 indicates extreme optimism.

Cryptocurrency market turns and ends upward

On April 28, the cryptocurrency market ended with an overall upward trend as the number of stocks rose. All of the top 10 stocks rose, and 83 of the top 100 lighted up green light, which means rising.

According to CMC, the BTC/USD price rose 0.56% to $7,772.01 at 4 pm New York Time among the overall gains. Ethereum 1.48%, Ripple (XRP 8.91%), Bitcoin Cash (BCH 0.98%), Bitcoin SV (BSV 1.48%), Litecoin (LTC 2.33%), EOS 1.04%. Ethereum continued to test for $200, and Ripple and Stellar rose significantly. At that time, the market capitalization of the cryptocurrency market was $240 billion and the share of BTC was 63.7%.


Investors anticipate strong BTC rally

The cryptocurrency market started off mixed and ended up rising as the number of rising stocks increased. Most of the stocks whose prices have risen are not very large.

Known as one of the largest whales in the cryptocurrency market, Bitcoin is expected to see a plunge in short-lived prices, as whales are presumed to have large short positions with the impact of halving already reflected in BTC prices.

According to NewsBTC, there is a connection resistance trend line formed at $8K on the daily chart of the BTC/USD pair. It is highly likely to trigger a halving rally within the $8,200 resistance level and continue to surge to the $9k and $9,200 level in the medium term. Even major bullish trend lines ($7,200 line) can retreat to $7,200 and even $6k if you give in.

In addition, the media cited data from Glassnode, a cryptocurrency on-chain data platform, saying that Bitcoin is standing at the boundary of a full-scale rally. In the recent BTC market, there is a new wallet address with a balance of '0' or higher. 

Increasingly, the upcoming Bitcoin halving, the global economic crisis caused by Coronavirus pandemic, and the central bank's quantitative easing monetary policy are attracting investors to the BTC market. Bitcoin prices continue to grow, and with the steady influx of individual investors, the cryptocurrency market is preparing to enter a full-fledged upward trend.

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