Bitcoin Spikes 8% In Less Than 10 Minutes, Retraces Shortly After

Bitcoin spikes 8% in less than 10 minutes after a few days of slow volatility. The benchmark cryptocurrency increased by $620 in a matter of minutes but let’s see how the price retracted shortly after in the bitcoin price news.

As per the leading derivatives exchange by volume, BitMEX showed that the price of bitcoin spikes often these days and reached a new daily high of $7,800 while on Bitstamp it went as high as $7,775. Despite the increase in value, currently, the largest cryptocurrency retraced to $7,500. The increase comes only a few hours after there was a possibility mentioned of a huge price move in the making. At this point, Bitcoin was trading at around $,7100 which was the new low of the week. The digital asset had to make a strong decision when it encountered two major descending trend-lines and appears to be heading north so far.

As per the analysis, Bitcoin had reached the mentioned level of $7,700 resistance after it broke the major confluence area of $7,300 and $7,400. The huge price spike dropped to $7,400 and retraced back on the resistance turned support price area. Despite bitcoin, the price movement is not impressive for other altcoins as well.  Ethereum increased by about 1.34% and climbed back to the critical level of $150 and Ripple is at $0.22 which is the same level it was achieved 24 hours ago. The lack of sharp price surges among the cryptocurrencies means that the dominance of bitcoin over the market goes over 67% after staying around 66 percent for the past month.

Some of the daily losers and gainers include the DxChain token and Matic Network. DX is on the move after it reached its all-time high a few weeks ago and then dropped by 70 percent. The token seems to be the most significant gainer in the past day since it increased by more than 37 percent against the dollar and 35 percent against Bitcoin.

As per the reports yesterday, Matic is on a role for two weeks now and the news from the company showed a listing on another exchange and a new partnership. It seems that the impact on the price could be visible today since MATIC increased its value by 8 percent against the USD, reaching $0.032.