2020-1-31 23:00 |
Bitcoin (BTC) just experienced some wild volatility, with bulls catalyzing a sharp upwards movement to highs of $9,500 before bears ramped up the selling pressure and led the cryptocurrency to dip all the way to $9,200.
This immense drop was followed up by another rapid surge, which came about when bulls posted a strong defense of the $9,200 level, allowing the crypto to once again journey back towards $9,500.
This volatility comes as BTC finds itself caught within a firm uptrend, which signals that the crypto could soon post a break into the five-figure price region.
Bitcoin experiences intense volatility as Coinbase Pro goes under maintenanceAt the time of writing, Bitcoin is trading up over 1 percent at its current price of $9,450, and the cryptocurrency’s bulls are currently attempting to break through the resistance that currently exists at $9,500.
This ongoing upswing kicked off just minutes after the crypto posted a notable selloff to lows of $9,200, which came about in tandem with Coinbase Pro going offline for scheduled maintenance.
It isn’t unprecedented for events like this to be catalysts for massive volatility, with Hsaka – a well-respected cryptocurrency analyst on Twitter – telling his followers to “strap in” after the exchange announced that it would be offline for an estimated 90 minutes.
“Strap in gentlemen. CB down for maintenance.”
What could come next for BTC as it pushes past $9,500?Because this bout of immense volatility has so far favored Bitcoin’s bulls, it does appear to be somewhat unclear as to what the short-term implications of its push to above $9,500 are.
HornHairs – another well-respected crypto analyst – explained in a tweet that the dip that preceded this rally marked a visit to BTC’s November open, with the bullish response to this level signaling the daily uptrend remains fully intact.
“BTC: Retested November open into the 4H demand that broke above it, back above previous swing low. Daily uptrend remains well intact. Wouldn’t feel safe in shorts here.”
Image Courtesy of HornHairsBecause the 2020 rally has allowed Bitcoin and most other major cryptocurrencies to develop bullish market structures, it does appear that the ongoing uptrend may just be getting started, and that BTC is on the cusp of seeing significantly further gains.
The post Coinbase going offline leads to insane Bitcoin volatility; here’s what could happen next appeared first on CryptoSlate.
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