Bitcoin Bears Flipped by Bulls: Price Shoots Up $1k in 30 Minutes To A Peak Of $10,500
In a sudden bout of green burst, Bitcoin went from $9,300 to $10,483.
Just yesterday, the world’s largest cryptocurrency went to as low as $9,050 level, seeing a 30 percent drop from $13,100 recorded last week on July 10.
Today, in a matter of few minutes, Bitcoin price shot up. At the time of writing, BTC price has been trading around $10,400 with 24 hours gains of almost 7 percent. Meanwhile, it is managing the trading volume of $2.24 billion, as per Messari’s real 10, 24 hours volume.
BTC price added over $1,000 in a few minutes, Source: TradingView
This is how trends die, says economist and trader Alex Kruger adding how until about 10:30 EST bears were fully in control and now have flipped by bulls.
“No technical analysis could have predicted that squeeze until it was already half way under way,”
$BTC just moved +9% in 4 minutes.
— Alex Krüger (@krugermacro) July 18, 2019
This spike has pushed BTC price to the point which led to the dump we saw in the past few days. From here, analyst The Cryptomist expects the “next big move” to fill the $11,400 region gap.
“We now are at resistance met from previous days which has led to dump. I feel the next big move determines which gap gets filled first 11.4k or 8.5k. With the RSI falling wedge, my feeling is the 11.4k region,”
The Cryptomist said.
Kind of a mess, but here's some spots to watch. IMO safest bet for new high speculation would be above 11.5k. pic.twitter.com/c6WVaJk0L2
— Strip Mall Status (@ledgerstatus) July 18, 2019
Though this uptrend may turn people bullish yet again, it’s highly unlikely that Bitcoin would see a strong push to a new 2019 high.
As previously reported, historically, the BTC performance in Q3 has paled in comparison to Q2. This upward movement could very well turn into a downtrend as we have been seeing throughout this month.
— Timothy Peterson (@nsquaredcrypto) July 18, 2019
Altcoins Feeling The Greens As Well
Altcoins, for now, are in the green as well, except for only a handful that are in the red up to 5 percent.
Among the top cryptos, Bitcoin SV with 10.75% gains, Litecoin with 8.26%, and Stellar 7.92% are the top gainers.
Crypto market turns green as Bitcoin jumps above $10,400, Source: Coin360
The total market cap has also added $24 billion, going to $280 billion.
BTC dominance meanwhile, added 0.80% at 65.9 percent.