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Crypto analyst and economist Alex Krüger says Bitcoin’s stability in the aftermath of the newly revealed Binance hack proves Bitcoin is no longer in a bear market.
In a bear market this would have easily have caused a deluge. Either way, good excuse for bulls to take cover, bears to charge.
— Alex Krüger (@krugermacro) May 7, 2019
Fundstrat analyst Tom Lee responded to Krüger with an image of a bull lifting a car, suggesting we’re now in “a certain type of market.”
Sign of a certain type of market pic.twitter.com/ZXKQO9MMom
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) May 8, 2019
Krüger is also highlighting BTC’s overall reaction to recent negative events in the news, highlighting the fact that crypto traders no longer seem to be deterred by the headlines.
Notice the pattern: bitcoin stopped caring about bad news. $BTC pic.twitter.com/lgk5qo5lYw
— Alex Krüger (@krugermacro) May 8, 2019
Right now, the crypto market is mixed. Bitcoin is up 0.81% at $5,875. Ethereum is down 0.77% at $168.27, and XRP is up 0.50% at $0.2999.
Technical analysts at large are watching Bitcoin’s push to pass $6K and debating whether altcoins can keep up.
Bitcoin
CoinDesk – Bitcoin remains on track for a break above $6,000
Bitcoinist – Bitcoin rally will continue, bullish weekly RSI suggests
Live Bitcoin News – BTC in strong uptrend above $5,700
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Ethereum
FXStreet – ETH/USD commences fresh consolidation
Blockonomi – Bearish trend line forming with resistance near $181
XRP
FXStreet – XRP/USD bulls going for a retest of the broken wedge structure
NewsBTC – XRP unresponsive, lagging and consolidating above 30 cents
Litecoin
Crypto Daily – Selling pressure may see LTC/USD test important technical levels
FXStreet – LTC/USD breaching critical ascending trend line of support
Bitcoin Cash, Binance Coin, EOS, Tron, Cardano
NewsBTC – Crypto market testing key support: BCH, BNB, EOS, TRX analysis
Cryptovest – ADA further away from $0.07, downtrend likely to continue
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