Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience

Tony "The Bull" Severino

6 years ago

3 mins read

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Since the start of April, Bitcoin has been on a massively bullish rally, leaving bearish traders and the altcoin market in its dust. The rally began with a break of resistance at $4,200 that caused the price of the leading crypto by market cap spike $1,000 over an hour. According to research, the entire move was orchestrated by a single actor, aiming to cause as much price impact as possible.

The bullish momentum has been so strong, not even major negative news in the crypto market has been able to stop Bitcoin’s ascent. Despite some of the worst Tether FUD to hit the space yet, coupled with a hack of what most considered to be the most secure cryptocurrency exchange, Bitcoin has repeatedly bounced back, shocking the crypto community over its resilience in the face of news that would in the past have sent the price of the first ever cryptocurrency plummeting to new lows.

Collective Crypto Community Bewildered by Bitcoin Bullish Momentum

Weeks ago, the New York Attorney General’s office accused Bitfinex of hiding an $850 million dollar loss by borrowing from Tether reserves. The news eventually caused Bitfinex to come clean, revealing that Tether was only 74% backed, rather than the 1-to-1 fiat backing the firm behind the stablecoin had previously claimed.

$BTC #Bitcoin seems to be shaking off a lot of bad news lately – If the tether issue and binance hack can not take it down, what will? pic.twitter.com/3Sg8ZACNdA

— Cheds (Trading Quotes) (@BigCheds) May 8, 2019

Bitcoin price fell over 7% within minutes following the news breaking, but since recovered to paint new 2019 highs, and inch ever closer to resistance at $6,000.

Then again, just yesterday, Binance was hacked to the tune of 7,000 BTC. The Changpeng Zhao-led crypto exchange has earned itself a reputation for keeping funds “safu” for crypto investors, and for fighting back against hackers. Binance became known for top-notch security – security that was breached by hackers, causing a strong sell-off of Bitcoin.

Pretty shocked that BTC didn’t dump off a cliff on the Binance news

— Rob Paone (@crypto_bobby) May 8, 2019

In the months prior to April, the panic-filled crypto market would have fallen to new lows in response to either of the recent negative news events. Bitcoin price did indeed fall, but it quickly regained any lost momentum within 24-48 hours.

The recent resilience in the face of some of the worst FUD to hit the crypto industry since its inception, has the crypto community shocked, but cautiously bullish.

https://twitter.com/josh_rager/status/1126121693406212096?s=12

Following the break of Bitcoin’s parabola at the close of December 2017, the hype bubble popped and the price of the leading cryptocurrency by market cap fell by 85% to its eventual bear market bottom at $3,150.

Since then, the Bitcoin price has nearly doubled, and is set to take on powerful resistance at $6,000 – resistance that previously played the role of seemingly unbreakable support throughout the first phase of the bear market.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.