Even by the standards of the crypto market, Wednesday (December 18) was a very unusual day for Bitcoin with a 15% jump in one day AND a 6% “round trip” in 10 seconds.
So, here is a quick recap.
According to data from CryptoCompare, Bitcoin started yesterday (December 18) at $6,629, and three hours later, it had gone up by $100. Bitcoin then started falling and kept on falling until 13:20 UTC by which time it had reached $6,466, which is the lowest level it has been since May 11.
Bitcoin below $6,500 was too good a bargain for the bulls to ignore, and as they moved in, Bitcoin started its amazing recovery. By 22:55 UTC, Bitcoin had managed to bounce almost 15% from its intraday low to $7,413 (the intraday high for December 18).
One of the adjectives used to describe yesterday’s price action was “thrilling”. For example, crypto analyst Tuur Demeester, Editor-in-Chief of Adamant Research and Founder of Bitcoin alpha fund Adamant Capital, seemed excited about seeing Bitcoin potentially establish a bottom for 2019:
We've now twice tested the support level—what a thriller. pic.twitter.com/KJCerXNHaf
— Tuur Demeester (@TuurDemeester) December 18, 2019
As for macro economist and crypto analyst/trader Alex Krüger, he was even more excited after witnessing around 23:00 UTC (on December 18) a very rare event — a 6% “round trip” in under 10 seconds — that he referred to as a “(unlevered) Traders’ Paradise”:
This just happened, that's a 1 second Bitmex chart. $BTC pic.twitter.com/fWdnk09AIW
— Alex Krüger (@krugermacro) December 18, 2019
That's a 6% roundtrip in 10 seconds. A rare event.
A roundtrip of that speed/magnitude may have happened 2-3 times in the last two years (would need to check).
(unlevered) Traders' Paradise
— Alex Krüger (@krugermacro) December 18, 2019
Although Bitcoin has given up some of yesterday’s gains, as of 07:55 UTC on Thursday (December 19), it is trading around $7,120, up 7.22% in the past 24-hour period.
Although there are still 13 days until the end of 2019, many Bitcoin HOLDers are taking yesterday’s “excellent adventure” as supporting evidence for the following belief: although more highly volatile days might lie ahead in the run-up to the next block reward halving on 14 May 2020, there is no need for fear and panic despite what the Crypto Fear & Greed Index is saying at the time.
Featured Image Credit: Photo via Pixabay.com