The bitcoin price smashed through $3,700 as the #cryptocurrency market assembled one of its largest intraday recoveries in recent memory.
Bitcoin had entered the #US trading session on a minor incline and continued to inch upward throughout the morning. Shortly before 17:00 UTC, a wave of buy pressure hit the bitcoin markets, carrying the flagship cryptocurrency from $3,450 to $3,700 within a matter of#minutes. The bitcoin price ultimately #peaked at $3,711 before settling back down to a present value of $3,656.
Bitcoin has been wrestling with bearish technical #factors throughout the first two months of 2019, coming uncomfortably close to critical support at $3,100 on multiple #occasions.
Analysts had said that bitcoin would, at the very least, need to #punch back through $3,500 if it hoped to avoid another #major sell-off that would potentially take it as low as $2,270.
It remains to be seen whether this rally will hold or if it’s just another dead cat #bounce, but following nearly 14 months of gut-wrenching #declines, today’s spike should give the bulls something to cheer about.
Featured Image from Shutterstock. Price Charts from TradingView.