Another flash crash denied: BTC bounces back above $8,000

24 May, 2019
by Joeri Cant
Price Action
Another flash crash denied: BTC bounces back above $8,000

Bitcoin has denied yet again another flash crash, as the world's most popular cryptocurrency bounces back to trade well above the $8,000 price mark.

Bitcoin has been pushing several times now to break resistance at the $8,300 level, but wasn't succesful in breaking upwards.

Following the several attempts, BTC started showing a downward trend yesterday that reached a low of around $7,500, just before BTC turned it all around, and found its way back to around $8,137.

Bitcoin is currently trading at around $8,054, and is showing a 3.15% gain on the day.

BTC/USD chart provided by Tradingview

One crypto analyst, going by the Twitter handle Chonis Trading, does point out that Bitcoin is posting lower highs as BTC is trying, for the 5th time now, to break through this level of resistance.

Trader Josh Rager, further points out that he would like to see Bitcoin close above the $8,203 price point to feel bullish. Otherwise, the consolidation stage continues, which is natural after a such strong price push upwards over past few months.

A few days ago, the popular trader stated that he was expecting a sharp pullback of 30%, explaining that every time Bitcoin has seen a pullback of 30% or more, it’s followed with sharp upside rally.

Rager’s comments come at a time when Bitcoin’s pullback has been denied yet again, as the number one cryptocurrency surpasses the $8,000 mark once again.

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Read more about: Bitcoin (BTC)


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