Bitcoin Price Blasts Off With 10% Move, But Is This The Start Of More?

Bitcoin price in a flash is near $50,000 once again, after several retests of $40,000 rounded support holding strong. Extreme bearish sentiment due to Evergrande, a rising dollar, and more left the market in extreme fear, and expecting the worst. The sudden surge took Bitcoin price more than 10% intraday from wick to wick, but technicals could suggest it is the start of something more. But before bulls are in the clear, there is a lingering bearish counter-signal that needs to be invalidated before a bigger rally can materialize. The top cryptocurrency made a surprise move this morning | Source: BTCUSD on TradingView.com Bitcoin Rallies 10% Intraday From Wick To Wick A fearful fractal resembling Black Thursday has appeared in Bitcoin price action, which also has certain hallmarks of Wyckoff re-distribution. At the same time, the leading cryptocurrency is holding at high timeframe resistance turned support, and could be breaking out of a bull flag. The indecision is felt in the sentiment, which has led to a confused community at odds with one another, depending on which side of the trade they are on. Related Reading | Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest $47 million worth of short positions were liquidated in what could have been a bull flag breakout, which has a target of closer to $80,000 per coin. Such a lofty target sounds shocking, but given the parabolic base-building in Bitcoin,...