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Bitcoin Price Briefly Rockets to $7,750 After Slip to $7,000

December 4, 2019 at 14:15 by Matt Jackson

Having earlier slipped to a weekly low of $7,067, Bitcoin prices briefly rocketed to $7,750, potentially having triggered buy orders at the low price. As prices slipped, some keen analysts pointed to a potential bear trap that would test $7,870. They pointed to diminishing selling volumes and bear exhaustion. Within hours of the prediction, prices rose nearly 10% in less than an hour to reach a daily high of $7,750. All major cryptocurrencies have seen a rise against the dollar in the past 24 hours. Tron, which is never far from cryptocurrency headlines, is the largest coin to buck the trend and post losses on the day.

Despite having enjoyed a positive October, Bitcoin saw its prices slump in November, opening the month at $9,140 and closing it out at $7,540, a drop of 17.5% for the month. Since the start of December, prices had looked to continue the bearish trend, testing support at $7,000 this morning. However, a possible bear trap with diminishing selling volume, put pay to the losses. Within minutes of trading at $7,067, prices rose over 9% to test resistance at $7,750. The cryptocurrency is now changing hands at $7,500.

All other major coins have followed a similar trajectory, with the exception of Tron. Tron enjoyed a profitable October, rising nearly 40% from $0.0146 to $0.02. However, November saw the token retrace a lot of these gains, falling to $0.0154 at the end of the month. It has continued to slip against the dollar and is now being traded at $0.0149, a 3.3% loss for the day.

At 14:00 GMT, Bitcoin (BTC) prices have risen 2.8% to trade at $7,528.62 while Ethereum (ETH) has posted 1.3% gains and is now changing hands at $150.02, although traders will be watching keenly to see if it can hold the $150 level. Ripple (XRP) and Bitcoin Cash (BCH) have made slight gains, increasing 0.02% and 0.59% and are trading $0.22 and $215.70 respectively. Litecoin (LTC) has increased by 1.66% and is now $46.40.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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