Bitcoin price is experiencing a surge of intraday volatility, rocketing $150 in minutes then collapsing more than $250 just moments later.
Here’s what is going on in the top-ranked cryptocurrency and what to watch for as price action to develops.
Triangle False Breakout Rejects Bulls Back Below Resistance At $11,500
Bitcoin’s notorious volatility is back after a short-lived phase of tranquility. Explosive price action this week following a bullish breakout of a downtrend line on the heels of Square news sent the cryptocurrency well above $11,000 and kept climbing.
Bulls Rejected After False Descending Triangle Breakout | Source: BTCUSD on TradingView.com
Resistance above $11,750 proved too strong to penetrate and the leading crypto asset by market cap fell lower, where a triangle began to form.