On the 11th anniversary Bitcoin briefly dropped below 9 000 dollars, which made the bears dream of re-testing the level of 8 800 dollars.
However, the coin printed a series of large green candles in 12: 00 UTC, which drove its price to the level of 9 400 dollars.
After a 40 percent jump in Bitcoin prices on October 25, it dropped below $ 9000 several times, but was never able to stay here for long. According to cryptocurrency trader Josh Rager, there were larger players who left aggressive sellers no chance to push the price down.
Aggressive selling being held up by the heavier hand was showing the bigger player didn't want price to drop from $ 9000
At least short term
Nice bounce from $ BTC to tap $ 9400 https://t.co/5ZhUYDwaO9
- Josh Rager 📈 (@Josh_Rager) October 31, 2019
Crypto Rand noted that a recent pump allowed Bitcoin to break out of a falling wedge. This is a bullish formation, which can serve as a harbinger of a shorter-term price increase for the largest cryptocurrency.
# Bitcoin | So it begins pic.twitter.com/t6AFXx4tPB
- Crypto Rand (@crypto_rand) October 31, 2019
Trader Luke Martin (also known as “VentureCoinist”) says that “it will be insulting” if Bitcoin cannot rise above the horizontal resistance at 9 500 dollars.
aiming for that 9550 touch. would be a shame if it didn't get there
— Luke Martin (@VentureCoinist) October 31, 2019