RATE Group | Bitcoin’s Price Swings to Nearly $6,500 in Volatile Trading Hour
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Bitcoin’s Price Swings to Nearly $6,500 in Volatile Trading Hour

20 Sep Bitcoin’s Price Swings to Nearly $6,500 in Volatile Trading Hour

Posted at 03:28h in Bitcoin News by

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Bitcoin’s volatility was on full display on Wednesday when its price fell from $6,300 to $6,100 before shooting up to $6,500 – all within an hour’s time.

As of press time, the world’s largest cryptocurrency by market capitalization was trading at $6,422, up 5 percent from the day’s low of $6,117. The market did not waste time making its bullish move, scaling over 6 percent in less than 20 minutes to ultimately hit a high of $6,494, according to CoinDesk’s Bitcoin Price Index (BPI).

Coincidentally, the move occurred within just minutes of a CBOE Bitcoin Futures expiration. Bitcoin futures expirations have been documented as having a turbulent effect on the price of the underlying cryptocurrency, so an increase in market volatility perhaps could have been foreseen.

Bitcoin’s move today is more shocking than its usual volatility, as an important technical level of price support of $6,200 was breached, signaling bears were primed to drive prices lower. Evidently, that turned…

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