Bitcoin Price Quickly Surged from $6, 190 to $6,450, an Unexpected IncreaseSeptember 10, 2018
Within only seconds, the price of Bitcoin coursed up from $6,190 to $6,450. The price has increased over 4% after the leading cryptocurrency stayed in the $6,100 range for over 24 hours. The sudden increase to Bitcoin’s price on September 9 was a surprise to the majority of crypto investors and analysts.
It was not at all expected primarily because of the enormous drop that happened on September 4. Erik Voorhees, the CEO of ShapeShift, accurately described the cryptocurrency market’s movement. According to his statement, he doesn’t expect the bear market to stop so soon.
However, he does believe that the rate of price drop has now slowed down considerably. Following Voorhees’s statement, the cryptocurrency market investors have to contemplate on how the cryptocurrency market is still barely out of infancy.
The market is mostly vulnerable to everyday instability and influence. It is because the market has restricted array of institutional products, lacks liquidity, and has only publicly tradable tools. All these things leave the market extraordinarily vulnerable and volatile.
In the past months, Bitcoin has been highly volatile. Its price range experiences sudden spikes that hover between the $6,000 and $10,000 range. Bitcoin tanked to the $6,000 range in April, June, and August. It then recovered and found its price at $10, 000, then $8,000 and $7,000.
On September 9, Bitcoin’s price increased by 4% from $6,190 to $6,450, which happened within only 30 seconds. Bitcoin has always been vulnerable to huge fluctuations, which is why investors must expect a daily drop or surge to the price at around 5 to 20 percent value.
Voorhees’ commentary of the crypto bear market serves as proof that the market remains on a clear descent. The exact bottom, however, is difficult to spot due to cryptocurrencies’ unpredictable nature. The new investors would have a viable opportunity to come into the market in the bottoming out phase.
During this time, Bitcoin shows high stability when it is in the low $5,000 to $6,000 range. After having been tested thrice in the past six months, it has been shown that Bitcoin hasn’t fully recovered yet from being in the $6,000 support level.
If BTC properly recovered from the $6,000 range, a mid-term rally would likely begin. The monthly peak and the breach between $6,000 are slowly decreasing each time there is a correction. It suggests that BTC is continuously bottoming out towards the $6,000 price range.