First a little recap from yesterday’s bloodbath! Continuing its prevailing bearish momentum, Bitcoin value fell extensively during the Jan 14 trading session – dropping almost $60 in 12 hours on every major exchange. The volume reports were indicating heavy trading from both bulls and bears’ side. The fundamentals were pointing towards mining hash rates that has expressively dropped two days back, following which a number of Bitcoin mining companies announced to suspend services, while others reported losses.
At the same time, optimists expected lower value range to open buying opportunities for new and existing traders. And it happened, undeniably!
As you can see the chart above, the Bitcoin value has made a sharp rebound from 172 to 216 as the buying opportunity ascended at a low. It is now trading in a buying range, occasionally entering into the overbought territory. But overall, the price is still in a bearish bias, with intraday bottom still in sight. This whole rebound could be a bull run, only until price shows some more surges towards the 250ish levels. Whether this uptrend will be followed by another dump is yet a thing to watch for.
Overall, the price currently is moving in a positive direction, regardless of the length of its term. The volatility meanwhile is very high, indicating Bitcoin to go either way in the next few hours.