Bitcoin Price Pumps to $8,800, Plunges by 5% in Rapid Succession

Well, would you look at that — within the span of literally an hour, the Bitcoin price surged to $8,820 to dump to $8,350 just minutes later. The range of this move is nearly $500 — some 5.2% at current price points.
The chart below from TradingView sums up the absolutely absurd bout of volatility that the cryptocurrency market just saw quite well. It isn’t clear what triggered this move, yet some suggest that there was a confluence of large sell orders in and around the $8,800 resistance.

How Bitcoin’s Recent Downtrend Could Have Tripled Your BTC Stack
Tuesday January 21, 2020

While Bitcoin’s recent downtrend saw the leading crypto asset by market cap’s value slashed in half from the local peak of $14,000, those that traded Bitcoin’s recent downtrend buying one specific trendline and selling...

The post How Bitcoin’s Recent Downtrend Could Have Tripled Your BTC Stack appeared first on 12bitplay - Bitcoin Play.

According to prominent crypto analyst Josh Rager, who was tracking the price action live via a Youtube video, the large wick to $8,800 on the upside may be a sign of an impending reversal.
Seeing that Bitcoin has seen positive price action over the past few days, the massive upper wick implies a bearish reversal.
Related Reading: Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?
On the other side of the coin, trader CryptoHamster has noted that Bitcoin’s latest jump and flash reversal continues to satisfy the theory that the cryptocurrency market is just in a fractal (a repeated pattern on a smaller scale) of 2018’s bear market.
Should the fractal play out in full, Bitcoin may begin to head back into the $9,000 to $10,000 in the middle of next week.

Altcoin Market Bottoms With Highest Buy Volume in Crypto History
Monday January 20, 2020

Last week the altcoin market exploded, bursting through local downtrend resistance and going on a rally that added over $30 billion in value to the overall crypto market cap sans Bitcoin. The breakout was...

The post Altcoin Market Bottoms With Highest Buy Volume in Crypto History appeared first on 12bitplay - Bitcoin Play.

Is it a joke or something? $BTC $BTCUSD #bitcoin pic.twitter.com/Yi6YyCgoPP
— CryptoHamster (@CryptoHamsterIO) October 11, 2019

Are Bitcoin Price Predictions Helping or Hindering Crypto?
Friday January 17, 2020

Over the years people have made some pretty spectacular price predictions for Bitcoin and other crypto assets. They range from the rampantly bullish to the suspiciously pessimistic. Do such price forecasts benefit the crypto...

The post Are Bitcoin Price Predictions Helping or Hindering Crypto? appeared first on 12bitplay - Bitcoin Play.

Pump N’ Dump Comes After Bitcoin ETF Rejection
This 5% hourly range comes just after the U.S. Securities and Exchange Commission (SEC) revealed that it had denied Bitwise’s Bitcoin ETF application on the grounds that it believes the cryptocurrency market is susceptible manipulation.
While it isn’t clear if this “pump n’ dump”, so to speak, was a result of manipulative players, it likely doesn’t instill confidence in the SEC, who is doing its utmost best to protect investors in American markets.

pic.twitter.com/e5sVyoHsfk
— Josh Olszewicz (@CarpeNoctom) October 11, 2019

Related Reading: Why Bitcoin Price Should Retake $8,600 to Maintain Bull Trend
Featured Image from Shutterstock
The post Bitcoin Price Pumps to $8,800, Plunges by 5% in Rapid Succession appeared first on NewsBTC.

You may also like...