Market seems to have taken an overall turn around since yesterday after the closure of the US senate hearing on Bitcoin and cryptocurrency.
The CFTC and SEC chairmen's remarks and suggestions yesterday seems to have created a bullish momentum in the market as 98% of the coins in the market presently are in green.
The overall market cap has increased by $97 billion in the last 24 hours from arround $300 billion early hours of yesterday to $397 billion as as the time of writting this report.
Bitcoin on the other hand had a superb reversal from $6000 to $8400, a whooping 40% returns in the last 24 hours.
This was however not suprising as a huge buy order was sported on the order book yesterday immediately after the hearing........orders ranging fron 800 Btc to as high as 4000 BTC......This orders are not orders placed by just ordinary people, these are institutional investors and whales.
Bitcoin market cap increased by over $33 billion in the last 24 hours from below $110 billion to $141 billion as at the time of writting this report.
Seems the big boys got in at $6000 level........
as huge amount has been invested in Bitcoin in the last 24 hours.
This is why we kept on advicing not to panic sell, now you can see what is happening, positive news coming out gradually to drive price back up.
Presently there seems not to be any resistance on the BTC chart. If price continues up this way, we should expect a parabolic move on a rising wedge pattern all the way up to a new ATH btween now and mid March.
As of now, i think its logical to assume the market is officially back to normal.
We can therefore place buy orders for huge and quick profit as most of the coins are in dip right now.
It could equally be a bull trap
