It has been a volatile and depressing week for Bitcoin. The cryptocurrency fell below $10,000 during another bearish downtrend. Now, suddenly, Bitcoin printed one of its largest positive candles of 2019, shooting passed $10,000.
In an unexpected turn of events, Bitcoin did not continue the downtrend of the last days, but suddenly surged by more than $1,000 in less than half an hour. The surge is one of the sharpest recoveries of 2019.
The sudden surge brought Bitcoin as high as $10,600 before losing some steam. The cryptocurrency saw a staggering increase of 9.5%. According to charts from Twitter user ‘galaxyBTC’, Bitcoin saw the second largest 1 hour candle of this year.
$BTC just painted the second largest 1H candle since the Bull Run started.
The largest one was at $4K in back in April, which was the candle that started everything. pic.twitter.com/W6qq9tDYRB
— Galaxy (@galaxyBTC) July 18, 2019
The sudden rally caused a sigh of relief amongst cryptocurrency traders on Twitter, since most of them were expecting a drop to the $8,000 level. Alex Krüger, a technical analyst, tweeted:
“No technical analysis could have predicted that squeeze until it was already half way under way. Bears were fully in control until slightly past 10:30 EST.”
Despite all this, there are some analysts who suggest Bitcoin still needs to correct further to return to more sustainable levels. According to them, $8,000 seems to be the local bottom for Bitcoin. That said, this sudden rally might have ruined the party of the ones who were waiting to ‘buy the dip’.