Bitcoin Price Chart Now Looks ‘Ridiculous’ After Record Gains: Analyst

Bitcoin (BTC) held above $9,000 on Oct. 28 as a weekend of bullish madness continued to captivate markets.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin price mulls next move amid $8.8K warning

Data from Coin360 showed volatility remaining elevated for Bitcoin on Monday, with swings between $9,100 and $9,900 characterizing the past 24 hours. 

On Friday, news that China was officially embracing blockchain technology appeared to reawaken enthusiasm across cryptocurrency markets. After trailing at $7,400 for several days, BTC/USD suddenly exploded, hitting local highs of nearly $10,500 early Saturday morning.

Those levels have since consolidated, with the press time price of $9,400 nonetheless corresponding to 3-day gains of 25%.

Bitcoin seven-day price chart. Source: Coin360

China fuelled the mood once more as the week began, Cointelegraph reporting on the news a major national bank had sealed an investment deal in a Bitcoin wallet provider. 

Despite the excitement being…