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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Sees Abrupt $500 Surge in Minutes, Is It A Trend Reversal?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read

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Bitcoin price has been falling over the last few months ever since the first-ever cryptocurrency was rejected at $14,000 this past June.

The severity of the downtrend has picked up over the last several weeks, and may have just come to its climax, if a powerful upsurge in response to today’s low ends up being a legitimate trend reversal.

Bear Trap? Bitcoin Sweeps Lows to $6,450, Rebounds to $6,950 Two Hours Later

Bitcoin price swept local lows today, breaking below $6,500 and touching $6,450 briefly before rebounding higher in a surprise surge.

Related Reading | Monthly Bitcoin Indicator Flips Bearish, But Still Following Path to New ATH

At roughly 8:15AM EST, the crypto asset set it’s low for the day thus far, and immediately painted a $100 candle in a matter of seconds. Just a few minutes later, the crypto asset had already breached back above $6,700, and eventually exploded all the way to $6,930 before taking a breather to refuel its jets.

bitcoin price chart

The surprise turnaround liquidated late shorters who likely were celebrating too early that Bitcoin had broken through such a critical level and previous low. However, eager bulls front ran the move, pushing the price of Bitcoin higher and higher.

The move could be driven in part by traders looking to snipe Bitcoin’s downtrend bottom, ahead of the upcoming halving.

Sentiment may be at extreme lows, but confident traders have been amassing long positions in advance of today’s plunge, and may have been preparing to buy these lows before Bitcoin begins to rally once again.

The surge was accompanied by a spike in trading volume, and Bitcoin is currently trying to flip resistance at $6,800 to support. Should the crypto asset hold here, and reclaim above $7,000, it could give bulls confidence to cause a full short-term trend reversal, and send Bitcoin back into an uptrend.

Related Reading | This Analyst Says a Bitcoin Target Of $50,000 To $100,000 by 2021 Is “Tame” 

The trading ranges left above current levels will act as resistance on the way back up, but Bitcoin’s halving could be enough to drive the price of the leading cryptocurrency by market cap to a new all-time high if this potential reversal holds.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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

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