RATE Group | Bitcoin Marks Biggest Daily Gain in 7 Weeks, And It Could End the Bear Market
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Bitcoin Marks Biggest Daily Gain in 7 Weeks, And It Could End the Bear Market

19 Dec Bitcoin Marks Biggest Daily Gain in 7 Weeks, And It Could End the Bear Market

Posted at 15:37h in Bitcoin News by

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  • A sudden bounce back led bitcoin to register its biggest daily gain in seven weeks.
  • Earlier this week, the cryptocurrency had fallen by up to 9.91 percent on Coinbase exchange.
  • The latest push upwards flashes an interim bullish setup.

Bitcoin on Wednesday surged by more than 10 percent to register its biggest daily gain since October 25.

The leading cryptocurrency established an intraday high of $7,448.24 as of 2200 UTC. Notably, the move uphill came shortly after bitcoin had plunged to its seven-month low below $6,500. That largely negated bitcoin’s week-to-date losses to 0.45 percent. At its highest, those declines were approx 13 percent.

The sudden spike also coincided with a drop in Short positions on BitFinex. As of midnight Wednesday, the BTCUSD Shorts started plunging. Two hours later, the BTC spot price established a local swing low across the leading exchanges.

bitcoin, bitcoin price

Short positions falling as bitcoin rate goes upward | Source: TradingView.com, Coinbase, BitFinex

The positive…

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