Bitcoin (BTC) Price Goes Wild, Shoots for $8,000 Within Minutes
Just as BTC was showing signs of losing support, an uptick in prices sent the leading coin once again close to $8,000.
Bitcoin (BTC) suddenly moved closer to the $8,000 tier, with a fast uptick in prices between 11:10 and 11:30 UTC on Monday. The sudden price appreciation is not unusual for BTC, where concerted bidding has moved the price by hundreds of dollars in a short time span.
BTC traded at $7,922.05 as of 11:45 UTC, on volumes above $17 billion’s equivalent in 24 hours. Once again, more than 71% of all volumes are in the market with Tether (USDT), meaning that liquidity is readily available.
BTC reached daily lows in the $7,600 range, sparking fears for a deeper reversal of the trend that took the leading coin above $9,000 in recent weeks. Now, the new price spike may rekindle hopes for a more positive development.
In the past weeks, the altcoin rally stalled, as BTC approached a crossroad. One of the reasons for the BTC price movements remains BitMex, where leveraged positions affect traders across exchanges. Still, skeptics remain convinced the drop in prices is not finished, despite previous historical data showing that June is one of the best months for BTC prices.
In the meantime, USDT in circulation is growing, now to more than 3.239 billion coins, up more than 500 million in a month. The increased liquidity allows for a quick boost to prices, while dollar-based investors are still fueling the markets.
Now, BTC markets face the challenge of June’s performance statistics:
BTC started off in June at above $8,300, going for a downward trend ever since. A month of sinking prices may carry over to the next couple of monts, traders believe.
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