Bitcoin Price in Echo Bubble? Nope, BTC Still in Macro Bull Trend

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

Properly, would you take a look at that — throughout the span of actually an hour, the Bitcoin value surged to $8,820 to dump to $8,350 simply minutes later. The vary of this transfer is almost $500 — some 5.2% at present value factors.

The chart beneath from TradingView sums up the completely absurd bout of volatility that the cryptocurrency market simply noticed fairly properly. It isn’t clear what triggered this transfer, but some counsel that there was a confluence of enormous promote orders in and across the $8,800 resistance.

In line with distinguished crypto analyst Josh Rager, who was monitoring the value motion reside via a Youtube video, the massive wick to $8,800 on the upside could also be an indication of an impending reversal.

Seeing that Bitcoin has seen optimistic value motion over the previous few days, the huge higher wick implies a bearish reversal.

Associated Studying: Bitcoin Worth Fractal Suggests Repeat of September Drop, Is $7K Subsequent?

On the opposite aspect of the coin, dealer CryptoHamster has famous that Bitcoin’s newest soar and flash reversal continues to fulfill the speculation that the cryptocurrency market is simply in a fractal (a repeated sample on a smaller scale) of 2018’s bear market.

Ought to the fractal play out in full, Bitcoin might start to move again into the $9,000 to $10,000 in the midst of subsequent week.

Pump N’ Dump Comes After Bitcoin ETF Rejection

This 5% hourly vary comes simply after the U.S. Securities and Alternate Fee (SEC) revealed that it had denied Bitwise’s Bitcoin ETF utility on the grounds that it believes the cryptocurrency market is prone manipulation.

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Whereas it isn’t clear if this “pump n’ dump”, so to talk, was a results of manipulative gamers, it probably doesn’t instill confidence within the SEC, who’s doing its utmost finest to guard buyers in American markets.

Associated Studying: Why Bitcoin Worth Ought to Retake $8,600 to Preserve Bull Development
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