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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Pumps to $8,800, Plunges by 5% in Rapid Succession

Nick Chong
Nick Chong
1 year ago
2 mins read

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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Well, would you look at that — within the span of literally an hour, the Bitcoin price surged to $8,820 to dump to $8,350 just minutes later. The range of this move is nearly $500 — some 5.2% at current price points.

The chart below from TradingView sums up the absolutely absurd bout of volatility that the cryptocurrency market just saw quite well. It isn’t clear what triggered this move, yet some suggest that there was a confluence of large sell orders in and around the $8,800 resistance.

According to prominent crypto analyst Josh Rager, who was tracking the price action live via a Youtube video, the large wick to $8,800 on the upside may be a sign of an impending reversal.

Seeing that Bitcoin has seen positive price action over the past few days, the massive upper wick implies a bearish reversal.

Related Reading: Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next?

On the other side of the coin, trader CryptoHamster has noted that Bitcoin’s latest jump and flash reversal continues to satisfy the theory that the cryptocurrency market is just in a fractal (a repeated pattern on a smaller scale) of 2018’s bear market.

Should the fractal play out in full, Bitcoin may begin to head back into the $9,000 to $10,000 in the middle of next week.

Is it a joke or something? $BTC $BTCUSD #bitcoin pic.twitter.com/Yi6YyCgoPP

— CryptoHamster (@CryptoHamsterIO) October 11, 2019

Pump N’ Dump Comes After Bitcoin ETF Rejection

This 5% hourly range comes just after the U.S. Securities and Exchange Commission (SEC) revealed that it had denied Bitwise’s Bitcoin ETF application on the grounds that it believes the cryptocurrency market is susceptible manipulation.

While it isn’t clear if this “pump n’ dump”, so to speak, was a result of manipulative players, it likely doesn’t instill confidence in the SEC, who is doing its utmost best to protect investors in American markets.

pic.twitter.com/e5sVyoHsfk

— #333kByJuly2025 (@CarpeNoctom) October 11, 2019

Related Reading: Why Bitcoin Price Should Retake $8,600 to Maintain Bull Trend
Featured Image from Shutterstock
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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