Bitcoin Price Shrugs Off Flash Crash in Return to $13,000

Following its epic pump yesterday, Bitcoin price hit a wall and dumped almost $2,000 in an hour. Many are pointing the finger at exchanges but the bottom line is that BTC has already started to recover and is heading back towards $13,000 again.

---

Bitcoin Price Closed On $14000 Before Flash Crash

Another new 2019 high was hit a few hours ago when BTC touched $13,860 according to Tradingview.com. The move meant that Bitcoin price had made almost 50% in seven days, epic by anyone’s standards.

What followed was a sharp pullback as a big red candle dumped around $2,000 in just an hour. Bitcoin price hit the 50-hour moving average and instantly headed north again. In industry terms, this is known as a ‘flash crash’, where one massive trigger can induce the dump. It is not a natural element of the market cycle since recoveries are usually instantaneous.

Crypto trader Josh Rager has called it a pullback, however, albeit a minor one in comparison to previous thirty percent plus dumps.

“18% pullback on the $BTC day chart. If Bitcoin price pulls down to the mid $10ks… (20+%) I’d consider this a big pullback prior to continuation. At this point in time, I consider Bitcoin extremely bullish. 18% pullback might be the new 30% pullback we’re expecting.”

18% pullback on the $BTC day chart

If Bitcoin price pulls down to the mid $10ks… (20+%) I'd consider this a big pullback prior to continuation

At this point in time, I consider Bitcoin extremely bullish

18% pullback might be the new 30% pullback we're expecting

— Josh Rager Read more