Just when the bears were gearing up for another mauling, bitcoin price bounced off long term support in an epic 14% pump. The move has kept BTC on track to make greater gains next year as long term technical indicators have held strong.
Bitcoin Price Cranks to $7,450
Following an almost 10% slide on the week, BTC hit a seven month low of $6,550 yesterday. This price zone provided a major level of support during 2018 and it appears to have done so again this year.
The bounce off support was pretty substantial, bitcoin’s largest price increase since the China driven surge in late October. BTC topped out at $7,450 according to Tradingview.com charts resulting in a 13.5% move.
Naturally, there is a pullback after such a strong move and the past few hours have seen the asset drop back to $7,100. If BTC dumps back into the $6k region again in the next few hours the move was probably just more whale manipulation.
Analyst ‘CryptoHamster’ has already noted that some indicators are starting to reverse.
“The pump was cool, but now, it…