Mon, 07/29/2019 - 06:39

Bitcoin Price Trims $500 Only to Recover Minutes Later

The Bitcoin price wraps up another week with even crazier price swings, but there is something to celebrate for the bulls

Cover image via CryptoComes.com

The Bitcoin price has recently experienced an enormous level of volatility, which was allegedly caused by a massive long position getting liquidated on the BitMEX cryptocurrency exchange.

According to CoinMarketCap data, it plunged to the $9,112 level before a massive spike that pushed the price to $9,680.

While market manipulations remain rampant, popular cryptocurrency trader ‘Don Alt’ has recently made a bullish case for Bitcoin. The fact that BTC outlined $9,500 support could mark the bottom of this correction.

$BTC weekly update:

2 weeks later and we've finally arrived at the outlined $9500 support.
If this is a bull market pullback, this is where I'd expect it to bottom out.
Good enough to take a chance.
I've been big timeframe bearish since $11500, flipping neutral to bullish here. pic.twitter.com/EcL0qfib2e
— DonAlt (@CryptoDonAlt) July 29, 2019

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.