Based on Bitstamp data this thursday, saw bitcoin surge to $1000 in 30 minutes during the U.S Trading time as Bitcoin rose from $ 9, 335 to a high of $ 10, 400.
The massive unwinding of short BTC/USD positions (profit taking) seen in 30 minutes to 15:00 UTC, as reported by bot powered twitter handle @WhaleCalls could have triggered the sudden rise.
Having repeatedly failed to beat the psychological resistance of $10,000 in the Asian session as well as during early European trading hours as prices dropped to low of $9,280 as at 14:00 UTC.
Anyway, bitcoin’s price rise is now boding well for the broader market.
As at press time also, names like litecoin and bitcoin SV are reporting double-digit gains. Meanwhile, ethereum’s ETH token and XRP are also up 6 percent and 3 percent, respectively.
According to CoinMarketCap, bitcoin’s dominance rate, the top cryptocurrency’s share of total market cap, has also risen to 65.8 percent from 65.4 percent seen earlier on today.
Now the prospects of bitcoin breaching the former resistance turned support of $9,097 (May 30 high) have weakened with the sudden move above $10,000.
That said, though a break above $11,080 is needed to invalidate the bearish case as the bulls are not out of the woods yet.
The bearish lower highs pattern will be violated by a high-volume break above $11,080 and shift risk in favour of a rise to $12,000.
Actually, a rise in buying volumes (green bar) has triggered the move above $10,000. Hence, prices could rise to $11,080 in the next 24 hours.
On Bitstamp, BTC is changing hands at $10,400 representing 5 percent gains on a 24-hour basis on this day.
Credits: Omkar Godbole PalmJOIN OUR COMMUNITY