Just when traders and analysts were expecting the drop to accelerate following the formation of a head and shoulders pattern, and Bitcoin’s biggest weekly red candle since November, it did the opposite. The volatile and often fickle nature of crypto markets is still very hard to predict which has left many scratching their heads as to where Bitcoin will go next.
Bitcoin bounced back in one swift move during late trading yesterday. From an intraday low of $7,650 BTC spiked to just above $8,000 in less than an hour. The 4.5 percent pump has kept Bitcoin within its weekly consolidation channel and the bigger correction has yet to materialize.
The move puts Bitcoin back to exactly the same place it was this time last Tuesday. However, unless it can top $8,200 and retest previous highs the likelihood of another drop remains high. As usual the traders and analysts on crypto twitter have been looking at the next move for Bitcoin. Read more