Finally, Bitcoin Bulls have returned and market is now seeing some Bullish momentum from Bitcoin.
A few hours ago, Crypto market seemed to be dull and nothing 'exciting' was happening. Bitcoin was trading around $6700-$6800 and looked quite Bearish at that time. Many professional traders were believing that we were gonna see a further Bearish trend and BTC might had fallen to $4000-$5000.
But contrary to all those beliefs, Bitcoin surged by $1000 within 60 minutes.
A steep rise from $6800 to almost $8050. A sudden $1250 (20%) price increase within 60 minutes.
Although, BTC has broken a short-term support $7400 but still a strong support at $9050 still remains. And in order to change the overall Bearish trend into Bullish, BTC has to cross $9000 level.
Let's have a look at BTC price chart :
For now, we're kinda out of woods but still there's a slight possibility that this whole price pump may turn out to be another price manipulation or price-squeeze.
In order to really come out of the woods, Bitcoin has to cross $9050 level. Until then, I would advise everyone to be cautious and use stop-loss for every BTC trade.
On the other hand, Alt coins experienced a sell-off as soon as Bitcoin started its Bullish trend. Well, its normal in crypto and everything will be alright if Bitcoin continues its slow upward rally.
Thanks for reading...!!