{"id":407824,"date":"2019-12-18T16:34:28","date_gmt":"2019-12-18T16:34:28","guid":{"rendered":"https:\/\/wncen.com\/?p=407824"},"modified":"2019-12-18T16:34:28","modified_gmt":"2019-12-18T16:34:28","slug":"bitcoin-price-sees-abrupt-500-surge-in-minutes-is-it-a-trend-reversal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-sees-abrupt-500-surge-in-minutes-is-it-a-trend-reversal\/","title":{"rendered":"Bitcoin Price Sees Abrupt $500 Surge in Minutes, Is It A Trend Reversal?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has been falling over the last few months ever since the first-ever cryptocurrency was rejected at $14,000 this past June.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The severity of the downtrend has picked up over the last several weeks, and may have just come to its climax, if a powerful upsurge in response to today\u2019s low ends up being a legitimate trend reversal.<\/span><\/p>\n<h2>Bear Trap? Bitcoin Sweeps Lows to $6,450, Rebounds to $6,950 Two Hours Later<\/h2>\n<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> swept local lows today, breaking below $6,500 and touching $6,450 briefly before rebounding higher in a surprise surge.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/12\/13\/monthly-bitcoin-indicator-flips-bearish-but-still-following-path-to-new-ath\/\">Monthly Bitcoin Indicator Flips Bearish, But Still Following Path to New ATH<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">At roughly 8:15AM EST, the crypto asset set it&#8217;s low for the day thus far, and immediately painted a $100 candle in a matter of seconds. Just a few minutes later, the crypto asset had already breached back above $6,700, and eventually exploded all the way to $6,930 before taking a breather to refuel its jets.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-407837\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Screen-Shot-2019-12-18-at-11.30.17-AM.png?resize=860%2C598\" alt=\"bitcoin price chart\" width=\"860\" height=\"598\"><\/p>\n<p class=\"p1\"><span class=\"s1\">The surprise turnaround liquidated late shorters who likely were celebrating too early that Bitcoin had broken through such a critical level and previous low. However, eager bulls front ran the move, pushing the price of <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> higher and higher.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The move could be driven in part by traders looking to snipe Bitcoin\u2019s downtrend bottom, ahead of the upcoming halving.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Sentiment may be at extreme lows, but <a href=\"https:\/\/wncen.com\/2019\/12\/18\/bitfinex-bitcoin-whale-currently-underwater-by-nearly-25-million\/\">confident traders have been amassing long positions<\/a> in advance of today\u2019s plunge, and may have been preparing to buy these lows before Bitcoin begins to rally once again.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The surge was accompanied by a spike in trading volume, and <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> is currently trying to flip resistance at $6,800 to support. Should the crypto asset hold here, and reclaim above $7,000, it could give bulls confidence to cause a full short-term trend reversal, and send Bitcoin back into an uptrend.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/12\/17\/this-analyst-says-a-bitcoin-target-of-50000-to-100000-by-2021-is-tame\/\">This Analyst Says a Bitcoin Target Of $50,000 To $100,000 by 2021 Is \u201cTame\u201d\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The trading ranges left above current levels will act as resistance on the way back up, but Bitcoin\u2019s halving could be enough to drive the price of the leading cryptocurrency by market cap to a new all-time high if this potential reversal holds.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has been falling over the last few months ever since the first-ever cryptocurrency was rejected at $14,000 this past June. The severity of the downtrend has picked up over the last several weeks, and may have just come to its climax, if a powerful upsurge in response to today\u2019s low ends up being a legitimate trend reversal. Bear Trap? Bitcoin Sweeps Lows to $6,450, Rebounds to $6,950 Two Hours Later Bitcoin price swept local lows today, breaking below $6,500 and touching $6,450 briefly before rebounding higher in a surprise surge. Related Reading | Monthly Bitcoin Indicator Flips Bearish, But Still Following Path to New ATH At roughly 8:15AM EST, the crypto asset set it&#8217;s low for the day thus far, and immediately painted a $100 candle in a matter of seconds. Just a few minutes later, the crypto asset had already breached back above $6,700, and eventually exploded all the way to $6,930 before taking a breather to refuel its jets. The surprise turnaround liquidated late shorters who likely were celebrating too early that Bitcoin had broken through such a critical level and previous low. However, eager bulls front ran the move, pushing the price of Bitcoin higher and higher. The move could be driven in part by traders looking to snipe Bitcoin\u2019s downtrend bottom, ahead of the upcoming halving. Sentiment may be at extreme lows, but confident traders have been amassing long positions in advance of today\u2019s plunge, and may have been preparing to buy these lows before Bitcoin begins to rally once again. The surge was accompanied by a spike in trading volume, and Bitcoin is currently trying to flip resistance at $6,800 to support. Should the crypto asset hold here, and reclaim above $7,000, it could give bulls confidence to cause a full short-term trend reversal, and send Bitcoin back into an uptrend. Related Reading | This Analyst Says a Bitcoin Target Of $50,000 To $100,000 by 2021 Is \u201cTame\u201d\u00a0 The trading ranges left above current levels will act as resistance on the way back up, but Bitcoin\u2019s halving could be enough to drive the price of the leading cryptocurrency by market cap to a new all-time high if this potential reversal holds.<\/p>\n","protected":false},"author":517,"featured_media":407838,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,6664,43406],"class_list":["post-407824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-reversal"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Sees Abrupt $500 Surge in Minutes, Is It A Trend Reversal?<\/title>\n<meta name=\"description\" content=\"Bitcoin price has been falling over the last few months ever since the first-ever cryptocurrency was rejected at $14,000 this past June. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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