Bitcoin price is proving nothing but the roller coaster in last 24 hours. Earlier in the week, BTC swiftly dropped by 10% after failing to hold above the $8,000 support.
By Thursday, BTC/USD was sitting on the bottom trendline of the descending channel and many investors and analysts were calling for a drop to $7,000.
$6,500 was predicted by few traders, despite this fluctuations in Bitcoin price, traders like Scott Melker and Michaël van de Poppe spotted a series of bullish divergences on the 4-hour and daily time-frame and by Friday morning (Oct. 25) the chart and various indicators on the hourly and 4-hour time-frame were flashing bullish.
Surprisingly, Bitcoin bulls gathered up enough steam and towards the evening of the U.S. trading session bulls pressed Bitcoin price far above the $8,800 resistance to set a higher high at $10,540.
Currently, the crypto community is pointing to Chinese President Xi Jinping’s call for the development of blockchain technology throughout the country. Bakkt’s Bitcoin futures back to back all-time high volume achievements are also being cited as a reason for Bitcoin’s surge.