Reading: Bitcoin Price Live: Bullrun in Cards As ETF Hype Fuels Unprecedented Rise Wilma Woo | Jul 17, 2018 | 14:45 Cryptocurrency experts and users alike are scrambling for an explanation Tuesday after Bitcoin prices increased by $700 in around 45 minutes. After a week of range-bound trading between $6150 and $6750, BTC/USD suddenly broke out, topping $7000 in five minutes and going on to reach highs above $7500 on some exchanges.
The price currently sits at $7341.84 -0.26%. On social media, commentators were scanning the internet for the major news they assume had triggered the price rise.
At press time, however, no such news had filtered through from within the cryptocurrency industry or beyond. Other factors which have previously sparked rapid appreciation in Bitcoin, such as Tether releasing tokens onto the market, this time were also not evident.
Some trading sources had been waiting for a dramatic market shift. “BTC has broken out here as expected,” one Twitter account dedicated to price analysis read.
For many, however, the combined momentum behind regulators potentially giving the green light to a Bitcoin ETF was a good enough cause to explain the sudden events. “Today we are presented with a shorter timeframe but with a Head and shoulders bottom,” well-known trader known as Filbfilb wrote in an analysis hours before prices began moving. Read more from bitcoinist.com…
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