We are familiar with the volatility of the crypto markets but unexceptional volatility happened very rarely. We witnessed the yesterday ups and downs of the digital gold in just a matter of a few hours. Bitcoin touched the 7th-month low position and also recovered from with a 15% in just one day.
Yesterday’s data of the coin’s moves are very disturbed as the trend line made unexpected and unnatural movements. Bitcoin went low and then suddenly began to recover and made a jump by 15% in a single day.
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What actually happened?
Yesterday, the bitcoin was lingering at $6,629 but after a few hours of continuous falling, it reached $6,466 that is the lowest value recorded since May 11, after a gap of seven months.
But the bitcoin did not remain at the lowest position for a longer period of time. The selling pressure then conquered by bulls and BTC started its movement in an upward direction. It again bounces back to its close past value at $7,413.
The crypto analysts are also got excited when a fifteen percent recovery is made on the part of digital gold coin. Tuur Demeester, the founder of bitcoin alpha fund Adamant Capital made a remark that shows the favor for testing the bottom.
We’ve now twice tested the support level—what a thriller. pic.twitter.com/KJCerXNHaf
— Tuur Demeester (@TuurDemeester) December 18, 2019
Another crypto enthusiast and analyst, Alex Krüger, tweeted about the sudden change of 6% in just 10 seconds that is normally known as ‘’round trip’’ in the crypto community.
— Alex Krüger (@krugermacro) December 18, 2019
There are still 12 days are left to start new-year of 2020 and we may still see some unexpected moves in the last days of the year. However, there are many predictions and speculations for the next coming year. And it is expected that Bitcoin will take a decisive direction either upward or downward with the start of the new year.
Currently, the price value of the BTC is hovering at $7,179.59 with an 8% change in the past 24-hours. Today, the whole crypto market is up and some are even recovering more quickly than others.