- Bitcoin is still under bearish momentum with price trading at $8,787.59 struggling to surge.
- Slightest Recovery of 0.63% witnessed in the price of Bitcoin recently.
- The BTC/USD Pair found major support at $8,600, $8,500 and $8300.
- The BTC/USD Pair found major resistance at $8,880, $8,980 and $9,000.
The traders and onlookers of the Bitcoins’ trade were left confused and unattended after the drastic movement of the charts swinging between $8600 to $9100 and back to $8600 at the end of the day. This was also seen as an opportunity for spot buyers and holders to buy for long term positions. According to figures the crypto giant, Bitcoin jumped about 4% in 10 minutes climbing from $8787.53 USD to $9123.34 USD.
Bitcoin has easily managed to hold most of its acquired gains when the day’s trading started, however, Bears came into strife with the gain when Bitcoin plummeted down to the $8571.50 mark after breaking the support at $9000.This run activated long liquidations to the sum of $31 Million. This welcomed back volatility of Bitcoin which was blamed as the cause for the loss of about $89.06 Million for the traders during this abrupt swing.
It was concluded that this volatility should be a concern only to that trader who relies on leverage, if not oneself shouldn’t be worried about the volatility. This swing into the volatility is a boon for the short term traders who can buy the dip to make some gains. Traders who buy on spot can hold the bought trade as long term investments. The same technique was used by Todd Butterfield, who is the CEO of Wyckoff Stock Market Institute, who had reported to CNN. Scott Melker also shared the same view on twitter. Both of them conclude Bitcoin to bounce back after this rigid squeeze to fuel the Bitcoins’ climb.
CryptoRand charts showcased Bitcoins’ direction in a unique way, which shows the dump which took place to be actually a retest for the former resistance. A long wedge was observed which indicates the arrival of the profit-seeking period. The asset is expected to grow exponentially in terms of volume after the selling is accomplished in the volatile ecosystem. This growth of volume was recorded on the 26th of October, which figured around 242% growth than the actual daily average.
This comes to the final conclusion that Bitcoin is setting itself a base platform for the predicted upcoming Bull run. Although the market is much volatile now, the further cannot be predicted by mere analysis of charts.