After a tumultuous week for Bitcoin, the cryptocurrency just printed one of its largest positive candles since the beginning of this year’s bull run. It shot up 9 percent in a matter of minutes, breaking the psychological level of $10,000 and bringing its current price to about $10,300.
Bitcoin Prints a Massive Green Candle
The past week has been nothing but turbulent for Bitcoin’s price. After surging to about $13,000 nine days ago, the cryptocurrency experienced a prolonged downtrend which brought the price down to a monthly low around $9,000. Even though many considered this to be a healthy correction after a massive uptrend, it’s safe to say that the negative price action got people worried.
However, in the past hour, Bitcoin printed one of the largest green candles on the chart since the beginning of the bull run this year. The cryptocurrency shot up by over $1,000, representing a staggering increase of 9.5% in a few minutes.
Naturally, this was immediately picked up by prominent community members and popular analysts, who didn’t miss the opportunity to comment on the matter.
$BTC just painted the second largest 1H candle since the Bull Run started.
The largest one was at $4K in back in April, which was the candle that started everything. pic.twitter.com/W6qq9tDYRB
— Galaxy (@galaxyBTC) July 18, 2019
What Caused the Sudden Spike?
Determining the exact cause of the sudden spike is definitely a challenging task, if it’s possible at all. However, recent events have been rather good for Bitcoin.
Earlier today, Rep. Warren Davidson, in a hearing involving CoinShare’s Meltem Demirors, made a clear differentiation between Bitcoin and so-called “shitcoins.” He explained that the latters’ values could be distorted by central authorities, whereas this would not be possible with Bitcoin.
Moreover, just yesterday, Rep. Patrick McHenry was definitive when explaining that there’s no authority, not even China, that could “kill Bitcoin.” Furthermore, the Chairman of the US Federal Reserve expressed his opinion on Bitcoin, reaching a very important conclusion that it is a “store of value… like gold.”
Positive political news in the cryptocurrency space also came from the UK, as the chief of the country’s treasury said that his department was looking into ways to regulate the space, and Facebook’s Libra in particular.
It will be interesting to see whether Bitcoin can retain its recent sudden gains. This will perhaps provide us with a clearer picture of what we can expect next.
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