Crypto Traders And Analyst Weigh-In On What Caused The 15% Surge in Bitcoin’s Price Today

• Bitcoin’s price went from $7,500 to $8,600 in minutes on October 25th, 2019.
• Presently, Bitcoin is up by over 14.3% in the last 24 hours.

Bitcoin is known for its rises and falls, and it reaches another major milestone today with a massive 10% increase this morning. Within a few minutes, the price of Bitcoin jumped from $7,600 to $8,400 within just a few minutes. The boost coincided with a statement from Chinese President XI Jinping, who said that China would be focusing on the development of blockchain technology.

There are some investors that believe that the simple presence of a positive stance by the Chinese government could’ve pushed along the progress of the token. Twitter was rich with people voicing their own opinions of how everything went down.

A trusted source for cryptocurrency news in China, cnLedger, posted that President Xi Jinping’s statements could play “an important role” for the innovation of this industry.

Though it is likely that the term “blockchain” is a reference to a permissioned ledger with major differences from decentralized currency, it is clear that there is significant attention on the industry now. Presently, China is the main culprit that experts believe is connected with the abrupt change to Bitcoin’s price, since the cryptocurrency had been more bearish before then.

With the short movement, which ultimately became a $1,000 rally, many investors ended up creating short liquidations on BitMEX.

Based on the information from Datamish, BitMEX recorded over $150 million in short contracts for liquidation. This change pushed the price up even further for Bitcoin in that small window of time.

Since the 10% upside movement, Bitcoin has clearly recovered, but some traders believe that this trend reversal is here to stay. Raoul Pal, the Global Macro Investor CEO, stated that this change is “a fitting end” to the competition between gold and Bitcoin. He added, “They both feel like they are trying to break higher after consolidations. Bitcoin is very interesting here… had to take some pain from the failure of the initial preferred wedge pattern but let’s see how this set up works.”

A trader from Texas West Capital, Scott Melker, remarked that the emerging death cross on the Bitcoin chart earlier in the week, showing a bearish movement, could’ve been avoided, reducing pressure on the asset. More specifically, he said, “Price is above the 21 EMA, which has acted as strong resistance. Further, people have been trading the impending death cross of the 50 and 200 EMAS (lagging indicator IMO). The 50 EMA is presently pointing back up after today’s candle. Death cross may be avoided.”

As has been for the lifetime of Bitcoin, the token is presently at the #1 spot by market cap for cryptocurrencies. In the last 24 hours, Bitcoin is recording an increase of 13.55%, reaching $8,514.99 by 10:57am MST, with a market cap of $153,377,260,944.