Bitcoin Just Spiked 8% In 10 Minutes And Retraced

After a few days of decreasing volatility, the price of Bitcoin noted a decent spike with 8% gains, roughly a $620 increase in a matter of minutes.

As per the leading derivates exchange by volume, BitMEX, the price of Bitcoin reached a daily high of $7,800, while on Bitstamp it went as high as $7,775. Despite the massive surge, at the moment of this writing, the largest cryptocurrency has retraced to $7,500.

The increase comes just hours after CryptoPotato mentioned the possibility of a huge price move might be in the making. At that point, Bitcoin was trading at around $7,100, which was the new weekly low. The digital asset had to make a decision when it encountered two major descending trend-lines, and so far, it appears to be heading north.

As per the analysis, Bitcoin had reached the mentioned level of $7700 resistance, breaking the significant confluence area of $7300 – $7400. The huge spike retraced to $7400 and retraced back up on the resistance turned support price area.

btc15m_nov4-min
The spike can be seen on the BTC/USD 15min. Bitstamp. Source: TradingView

 

Despite Bitcoin, the price movements with most altcoins are not as impressive at the moment: Ethereum increases with 1.34%, climbing back to the critical level of $150, and Ripple is at $0.22, which is the same level as 24 hours ago. The lack of sharp price surges among the altcoins also means that Bitcoin’s dominance over the market goes to 67%, after staying around 66% for the past month.

Total Market Capitalization: $203 Billion

Bitcoin Market Capitalization: $136 Billion

Bitcoin Dominance: 67%

* Data by CoinGecko.

Major Crypto Headlines

Tokyo-Based Softbank To Offer Cryptocurrency Debit Cards To Its Clients. Softbank, the giant Japanese bank, will reportedly launch a new type of debit card that will allow storage of cryptocurrencies, serving as a blockchain wallet. By turning on and off WiFi, it could be either a hot or a cold wallet.

Wash Trading Menace: 93% Of All LTC Traded In A Day According To CoinMarketCap. The suspiciously high level of wash trading could be hitting Litecoin as well. According to the popular cryptocurrency monitoring resource, CoinMarketCap, 93% of all LTC changed hands a few days ago.

Report: Number Of Cryptocurrency Funds Decreases As Retail Investors Drive The Market. Almost 70 different cryptocurrency funds have closed doors over the last year, as per a recent report. Moreover, it also shows that newly-launched funds are less than half this year, compared to 2018.

Significant Daily Gainers and Losers

DxChain Token (37%)

DX is on the move again. After reaching its all-time high a few weeks ago and then retracing with over 70%, DxChain Token appears to be the most significant gainer in the last 24 hours. It skyrockets with over 37% against the dollar and with 35% against BTC.

The company recently published new updates, including the finished version of its light node implementation for dPos consensus algorithm.

Matic Network (8%)

As reported yesterday, Matic Network is on a role for two weeks now. News from the company showed a listing on another exchange and a new partnership. It appears that the impact on the price might be visible today, as well. MATIC increases its value with 8% against the USD, reaching $0.032.

The price surge implies against BTC as well. Just yesterday, MATIC/BTC traded at 407 SAT, and today it goes as high as 426 SAT.

MINDOL (-43.25%)

MIN recorded its new all-time high on November 30th at $3.33. Ever since then, however, it has been on the downtrend, and it continues today.

Just over the last 24 hours, MINDOL has lost another 43% of its value against the dollar, and it’s currently at $1.17. This equals a total plunge of 65% in less than a week. With the most recent decrease, MIN’s total market cap has fallen below $165 mil.

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Cryptocurrency charts by TradingView.
Technical analysis tools by Coinigy.