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On Wednesday (December 4), according to CryptoCompare's average price across exchanges, Bitcoin finally shook off its three-day slump, and surged from $7,230 at 13:00 UTC to $7,620 at 13:20 UTC -- i.e. a price rise of 5.4% in just 20 minutes.
The price surge on several individual exchanges was even more extreme, e.g. 7.39% in the case of Bitfinex.
Here is the 24-hour BTC-USD price chart from CryptoCompare:
Over on Bitfinex, the Bitcoin price jumped from $7,266 at 13:00 UTC to $7,803 at 13:20 UTC:
This prompted freelance crypto journalist Joseph Young to make the observation on Twitter:
Within 10 minutes, bitcoin spiked from $7,085 to $7,800 by 10%, liquidating $60 million worth of contracts on BitMEX.
— Joseph Young (@iamjosephyoung) December 4, 2019
One of the strongest short squeezes since the October move. Not by percentage but how fast the squeeze was.
I don't think it still shows any clear direction for bitcoin.
— Joseph Young (@iamjosephyoung) December 4, 2019
Bitcoin was being a stablecoin at $7,300 for the longest time and it's back down to $7,500. Very weird price action recently.
Prominent crypto analyst/trader Josh Rager had this to say about today's price action:
$BTC Price Action
— Josh Rager 📈 (@Josh_Rager) December 4, 2019
Where have we seen this before? @CanteringClark and I were just discussing how similar these two areas were before this 10% pop
I wouldn't get immediately bullish just yet - the last time we saw this price action, it led to lower lows - tame expectations here pic.twitter.com/f6kr5sOs8T
At the time of writing, Bitcoin's market cap is around $135.4 billion, meaning that its market cap dominance is 66%.
Although Bitcoin is down 0.8%, 20.73%, and 29.39% against USD in the past 7-day, 30-day, and 90-day periods, it is still up an impressive 91.97% in the year-to-date (YTD) period.
Featured Image Credit: Photo via Pixabay.com