Bitcoin Gets Out of Its Funk, Surging Over 7% in 20 Minutes

Siamak Masnavi

On Wednesday (December 4), according to CryptoCompare's average price across exchanges, Bitcoin finally shook off its three-day slump, and surged from $7,230 at 13:00 UTC to $7,620 at 13:20 UTC -- i.e. a price rise of 5.4% in just 20 minutes.

The price surge on several individual exchanges was even more extreme, e.g. 7.39% in the case of Bitfinex.

Here is the 24-hour BTC-USD price chart from CryptoCompare:

BTC-USD 24-Hour - 4 Dec 2019.png

Over on Bitfinex, the Bitcoin price jumped from $7,266 at 13:00 UTC to $7,803 at 13:20 UTC:

Bitfinex - BTC - 24 Hour - on 4 Dec 2019.jpg

This prompted freelance crypto journalist Joseph Young to make the observation on Twitter:

Prominent crypto analyst/trader Josh Rager had this to say about today's price action:

At the time of writing, Bitcoin's market cap is around $135.4 billion, meaning that its market cap dominance is 66%.

Although Bitcoin is down 0.8%, 20.73%, and 29.39% against USD in the past 7-day, 30-day, and 90-day periods, it is still up an impressive 91.97% in the year-to-date (YTD) period.

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Time to Be ‘Cautious or Short' Bitcoin, Says Bollinger Bands Creator

Francisco Memoria

John Bollinger, creator of the popular technical analysis tool Bollinger Bands, has tweeted out it’s time to be “cautious or short” on the price of bitcoin, after the cryptocurrency’s price dipped below $10,000 for the third time since the so-called black Thursday.

On social media, Bollinger pointed out that bitcoin’s last move p over the $10,000 mark, which came shortly after U.S. President Donald Trump finished a speech on law and order in which he vowed to take “immediate presidential action to stop the violence” and said he was “mobilizing all available federal resources — civilian and military — to stop the rioting and looting,” was a head-fake.

A head-fake, Investopedia writes, occurs when the price of a security moves in one direction initially, but then reverses its course and moves in the opposite direction. These trades occur most frequently at key breakout points – for bitcoin, a key point was the $10,000 mark.

The price of the cryptocurrency dropped suddenly after breaking its key breakout level earlier this month over a flash crash on BitMEX that saw its price dip to $8,600 before it started recovering. CryptoCompare data shows that bitcoin is now trading above $9,600, but that since the March 12 coronavirus-induced market crash it has tested the $10,000 mark three times already.

Bollinger, it’s worth noting, has a decent track record looking at cryptocurrencies. In October 2019 the analyst accurately said the price of BTC dropping to $7,300 was a head-fake, and the price of the cryptocurrency then moved up in a significant rally to $9,500.

In April of this year, Bollinger tweeted out BTC was “moving into squeeze territory,” shortly before the cryptocurrency’s price started surging. He was, however, caught off guard by the Black Thursday sell-off, as were most investors and analysts.

It’s worth noting many in the cryptocurrency space are still bullish long-term. As reported early BTC developer Adam Back – who some believe could be Bitcoin creator Satoshi Nakamoto – has said he believes the price of the cryptocurrency will hit $300,000.

Featured image via Unsplash.