Bitcoin price abruptly jumped over $6800 (Bitfinex) during trading on Saturday, representing another attempt to break above $7,000 during the ongoing bear cycle.
There are a number of factors that could have contributed to this sudden jump. Bitcoin, and cryptocurrencies more generally, have seen a positive increase this past week.
To me I think what would have caused the price spike is the so-called crypto whales choosing this moment to place large buy orders For Bitcoin. Since the supply of Bitcoin is finite (21,000,000 total theoretical supply of Bitcoin, with only 17,137,187 currently circulating), it stands to reason that large buy or share orders can impact the price significantly.
Kindly share your view on the sudden increase.
Attempting only to break $7,000 but suddenly were dropping to $5,000 again i dont know what makes the price pumped last few days ago but what we need to learn now is what makes the price drops drastically again today,as for 6 hours bitcoin prices down from $6,800-6,300