The last few weeks have seen Bitcoin trade mostly downward. Now, however, Bitcoin appears to be in the midst of a bullish market movement once again. This comes on the heels of a seemingly market wide Black Friday rally for the crypto market.
Bitcoin surges on the heels of “Black Friday rally”
Bitcoin is currently trading at roughly $7,755. This represents an intraday increase in the price of Bitcoin of around 2%. Moreover, the rest of the cryptocurrency market is also currently in the green.
For example, the price of Ether has risen by a similar percentage to a price of $156. In fact, the entire cryptocurrency market is rising alongside Bitcoin. This comes as some observers are commenting that a “Black Friday rally” appears to be on.
Interestingly, other market commentators are noting that the coming weekend could be a pivotal tipping point for Bitcoin. In extension, this would also mean that the cryptocurrency market will likely see some price volatility over the weekend.
As is often the case, the performance of Bitcoin can be seen as an indicator for the entire cryptocurrency market. Consequently, it appears that the cryptocurrency market will continue to surge this Black Friday as long as Bitcoin’s price increases.
In fact, Bitcoin has broken through the weekly resistance-level around $7,600. This resistance level was first lost last week, but Bitcoin now appears to have regained this key price point.
Will Bitcoin break the $8,000 barrier?
Additionally, it appears likely that Bitcoin’s flash rally could now potentially carry on towards the psychologically significant $8,000 level. This could restore some of the market losses seen during the last two weeks, and potentially restore a bullish market trend.
The last weeks have seen the wider crypto market mostly in the red. This is largely seen as the result of China choosing to crack down on cryptocurrencies. Specifically, last week saw China state that it intends to “dispose of” local cryptocurrency exchanges.
Moreover, this has likely spread uncertainty in the wider cryptocurrency market, which in turn led to the suppression of market prices. Adding to this, some market observers have also said that the cryptocurrency market could soon see a clear bearish trend.
Nevertheless, the current market trajectory appears to strongly contradict this. If this Black Friday market rally could continue, and extend over the upcoming weekend, this could likely see Bitcoin cross the $8,000 line. However, one should keep in mind that market volatility could always come into play and reverse these intraday gains.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.