Earlier today the Daily Express reported Bitcoin had been experiencing some of the lowest volatility it’s seen in two years and a few minutes after CNBC reported that one of their traders believes the coin will bounce back to $7,000 soon.
Suddenly at 8 pm UTC yesterday evening, BTC appeared to be doing just that. The cryptocurrency jumped from just below $6,550 to $6,714 in a matter of minutes – one of it’s biggest movements in over a month. Earlier this week, BTC saw a steady decline from the $6,700 region to around the $6,400 level where it has hovered ever since.
While still small at present, this rally is reminiscent of last month’s sudden surge that saw BTC add $1,000 on to its price over less than 24 hours in mid-August. Currently, the minor spike seems to have hit resistance at $6,700 but should it break it we might see the significant $7,000 level breached. Failing a break the price will likely retrace to support at around $6,300, following a recent trendline predicting higher lows.
There has been generally good news regarding Bitcoin and the cryptocurrency market lately, with CCN detailing factors that will aid future growth and the majority of analysts predicting a bull market on the horizon.
With yesterday’s news of crypto mining giant Bitmain’s IPO getting successfully filed on the Hong Kong Stock Exchange, Bitcoin Cash (BCH) enjoyed a 20 percent price spike in the past 24 hours – adding some much-needed value to the overall market.
Litecoin (LTC) appears to have also attracted investment today, adding over 10 percent to its value in the past few hours – up to $64 from a low of $56 earlier today.