Bitcoin suddenly surged by 6000 points! Why did the market suddenly take off? The main reasons are these three:

First, recently many people have been betting that Bitcoin will drop, even willing to pay to borrow coins for short selling. When the number of bearish traders reaches a certain level, the market can easily reverse and surge, catching the short sellers off guard.

Second, Trump intervened to mediate the conflict between Israel and Iran, easing the tense situation. The market fears warfare the most; once the situation stabilizes, everyone is more willing to invest.

Third, more and more people believe that the Federal Reserve will cut interest rates in July. If it really happens, and there might be another cut this year, the money in the market will increase and become cheaper, making everyone more willing to buy Bitcoin!