From the past few days, the price of Bitcoin increased sharply depicting bullish sentiment are back in the crypto markets.
Charles Hayter (anayst) said, “Bull are back in charge”. In addition, he also pointed the robust gain of Bitcoin and short crush happening on Bitfinex.
Bitcoin, the world’s most popular cryptocurrency touched $8,055.20 by jumping around 20 percent in only six hours, shows the data of CoinDesk BPI (Bitcoin Price Index).
Bullish sentiment are back
The data given by Bitfinex (a major cryptocurrency exchange) helped in illustrating the market’s bullish nature.
During 24 hours, purchase orders for BTC/USD accounted for around 57% all orders via 3.15 pm EST, revealed the data of BF.
With the increase in price, the cryptocurrency experienced a bit squeeze means that increasing prices enforced traders in order to finish the short positions, annoying a strong rally.
The CEO and Co-founder of renowned cryptocurrency platform CryptoCompare, Hayter said, “A small squeeze signified change in the sentiment.”
Tim Enneking (Managing Director, Crypto Asset Management) too weighed the traders’ mindset saying that they are experiencing “increased risk desire and lower fear” lately.
Headwinds of Bitcoin Die Down
Latium’s CEO, David Johnson noted that “the prices of Bitcoin have faced various headwinds lately, such as Mt.Gox trustee’ decision to sold hundreds millions of Dollars’ worth cryptocurrency and tax considerations.”
In addition, he also stated that though, these factors have weakened late.
Such development helped the cryptocurrency rally.
Johnson said, “I believe that increase in the Bitcoin price is linked with less selling pressure as compared to anything else.”