Bitcoin’s Surprise: Bad News Didn’t Stop its Rally
Bitcoin’s Surprise: Bad News Didn’t Stop its Rally
Over the past week, the bitcoin price has increased nearly 8% in a steady grind higher, taking it above the psychologically important USD 6,500 level The most interesting thing to note about the rally, however, is that it has come without any obvious fundamental drivers to point to, and despite news coverage that would normally be considered negative for the bitcoin price.
As seasoned traders and investors know, it is often considered a very bullish sign when an asset increases in price despite negative news coverage. It shows that the upward momentum is strong, and that there are buyers standing by in the market, ready to buy up even the slightest dip in price.
Posted using Partiko Android
Which bad news?
Posted using Partiko Android
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by amanthakur1997 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.