The last 24 hours have been an absolute roller coaster for Bitcoin. Earlier this week, BTC quickly fell 10% after failing to hold above support $8,400.
By Thursday, the price of Bitcoin was on the bottom line of the trend of the falling wedge, and many investors and analysts forecasted a fall to $7,000 and less. Some experts even predicted a change of long-term support at the level of 6500 US dollars in the near future.
But despite the bearish bias, traders such as Scott Melker and Michaël van de Poppe discovered a series of bullish divergences on the 4-hour and day time frames, and by Friday morning (October 25), the chart and various indicators on the hour and 4-hour time frames gave a bullish signal.
Investors believed that there would be a quick move up to $7,700- $7,800, and many expected the bears to open their short positions at the top of this range and eventually lower the price of Bitcoin to $6,500, or in the worst case to $6,000. But there was a large rise in price by 42% which stopped only at $10,500, after which it began to decline. But nonetheless, as of this writing, the BTC rate is $9,334. This is the best indicator of daily growth since 2011.