After the Bitcoin had hardly moved in the last few days, but rather walked sideways, a surprising turn came today. The price shot up by hundreds of dollars within a few minutes.
Bitcoin shoots up steeply in a few minutes
The Bitcoin had hardly any movement in the last few days, which changed within a few minutes today, as the BTC recorded an increase of 8 percent. This increase corresponds to a value of about 620 US dollars.
On BitMEX, around 60 million US dollars were liquidated with this movement when the price on the derivatives platform reached a daily high of 7,800 US dollars.
On other exchanges, such as Bitstamp, the price reached USD 7,775. However, this rise did not last long, shortly after it went down again to about 7,400 US dollars, where the price is currently located.
The fact that the price again rose so steeply may be due to the fact that half the crypto community was in a bearish mood and had expected a further drop in the price to 6,600 US dollars or even lower. Accordingly, traders had also positioned themselves on platforms such as BitMEX, where they then became victims of this movement, and with the help of these liquidations, fuel was again there for a strong upward swing.
At around 7,800 US dollars, the price has reached a resistance level that should currently be watched. A closing of a day candle over the weekly opening at 7,400 US dollars would be a small bullish signal. Above that lies the opening of the month, which plays a more important role for the bulls. This is at a little over 7,500 USD.
The strong movement of the Bitcoin left most Altcoins rather unimpressed. Ethereum has risen by about 1.34 percent to a critical range at $150, Ripple to $0.22, which is the same range as 24 hours ago. The fact that the Altcoins hardly move clearly shows that the Bitcoin dominates the market. This can also be seen from the fact that the Bitcoin dominance has risen from 66 percent to 67 percent.
The crypto community is curious to see how the share price will develop until the end of the year. There are still a few weeks to go in which pretty much anything is possible. Some analysts believe there could be a Christmas pump, while others believe the bears will take the opportunity until the end of the year to push the price further down. So it remains exciting, especially as the halving event approaches.