Why Bitcoin pump(17th July)??
There are two factors that have been battling each other for the whole last 6 months.
Factor : 1
Every bull run is followed by a months long correction period of 70% on average.
This has happened 12 times now.
This correction always happens after a big bull run no matter what. You cannot go against the natural movement of the market, Just like you can go against ebb and flood. It's the most powerful in the nature. You cannot go against it, but you can go with it.
This correction will still in effect for the whole last 6 month and has suppressed the Bitcoin prices despite all the positive news of institutional investors coming in and government now supporting crypto.
Factor : 2
Positive sentinment in the market.There has been very positive sentinment in the market for the whole last 3 months, but they were not strong enough to overcome the nagetive effect of the correction of the last bull run.
However, as of 17 th july, the positive sentinment in the market seems to have outlasted the bull run correction.
This imbalance is now going swinging back in the bulls favore and the main reasons for that seems to be rha just there were a lot of very positive news about Bitcoin.
World's largest asset manager Blackrock who is currently managing $6.3 Trillion might start investing in the Cryptocurrency market soon.
Billionaire steven cohen is investing in crypto.
One of South africa's biggest financial firm is adding Bitcoin and Ethereum to its trading platform.
CIA saying cryptocurrency market are becoming most trustworthy.
India will most likely regulate crypto instead of outright banning it.