The latest cryptocurrency news section is led by Bitcoin and its strong upward trend which saw the most dominant cryptocurrency rise from $6,150 to almost $6,700 in only 24 hours. According to analysts, the drop before the rally might have been the bottom for Bitcoin.
On the other hand, many believe that the $6,000 support level which Bitcoin managed to maintain since early August proved that this was the “final shakeout” for BTC. Due to its low volume, the most dominant cryptocurrency struggled in the mid-$6,000 region and failed to hold $6,550 which was a level that it had held throughout the past two months.
Traders are also positive that the drop to $6,150 was the final shakeout that Bitcoin needed to see before a new rally. According to one trader named AngeloBTC, BTC experienced its last dip ever, alluding to the fact that Bitcoin will grow in the weeks and months to come.
Last dip ever. pic.twitter.com/IiJ1AoR2UB
— Angelo฿TC (@AngeloBTC) October 15, 2018
On top of this, the shorts on Bitcoin on exchanges such as Bitfinex and BitMEX experienced their all-time highs, which led to the liquidation of many short contracts over the past 12 hours. This allowed the price of BTC to recover from the low $b6,000 region, as analysts claim.
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The $2 billion increase in volume within 24 hours is another optimistic indicator for a short-term rally for Bitcoin, especially since it is an asset that stagnated throughout the past three months.
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