Bitcoin price bounces back to over $18,000 after flash crash
A few hour ago bitcoin price rose above the important $18,000 mark and rebounded initially at $18,500.
Analysts expect a further price increase if Bitcoin can close above the $18,000 mark on the daily chart and above $18,950 on the weekly chart.
The Bitcoin price has risen by 8.66% in the last 24 hours to a current price of $18,172, directly reaching its former all-time high of $20,000.
Within the Top 20 largest cryptocurrencies, BTC shows the largest price increase, followed by Wrapped Bitcoin (+ 6.68%), Chainlink (+ 4.50%) and Ethereum (+ 2.26%). The market capitalization of Bitcoin has increased to $329.78 billion.
The rise in the price was accompanied by a sudden flash crash. At 05:30 UTC, the BTC price crashed from approximately $18,300 to $17,050. As fast as the price fell, however, the recovery followed. Two hours after the crash, the BTC price was already back at $17,800.
Regarding the sudden correction, Blockroot founder and Bitcoin trader Josh Rager said it was long overdue and that he expected another correction in the coming days.
Only then, in his opinion, is the current development healthy and sustainable for the market.
Should BTC continue its current upward trend, BTC will have to close above the $18,000 mark on the daily chart, thus establishing this new level of support.
To confirm the massive bull run, BTC would need to close between $18,953 and $19,187 on the weekly chart, according to Rager.
As the price goes up to over $18,000, it goes on to show just how much putting your money in the bank won’t help if you don’t invest, it’s never too late to join the moving train.
Bitcoin trader Josh Rager said he expects more from the BTC in the coming weeks