Christmas miracle or bull trap? Bitcoin price spikes 12%

Christmas miracle or bull trap? Bitcoin price spikes 12%

Just when you thought it was all over, the price of Bitcoin spiked more than $750 in a few hours, lifting all the altcoins with it. Even Tether is up!

Things have been looking pretty grim for Bitcoin as the end of 2019 comes into view.

While Bitcoin may be the decade’s best-performing asset, it lost more than 20 percent in December with Google searches declining to levels not seen since the depths of crypto winter.

Sentiment hit rock bottom and web traffic to popular crypto sites like CoinMarketCap more than halved.

And then overnight, Bitcoin pulled one of its stunning reversals out of the bag.

Just moments after Bitcoin hit $6545, a massive push by bulls saw the king of crypto surge by $500 in a matter of minutes.

This increase has continued and Bitcoin is currently trading above $7300.

Altcoins rising – even Tether is up

A rising Bitcoin lifts all altcoins, with all of the Top 10 coins surging.

EOS was up 12%, Etherum increased by 9.1%, and even Tether ‘surged’ 1.3% in the past 24 hours.

Veteran trader Peter Brandt tweeted earlier today that “Bitcoin has apparently held at important support.”

Australian crypto trader and ‘Satoshi’s sister’ Lisa N Edwards actually called it last night (along with some others) by suggesting Bitcoin was due for a bounce off the nine-year long trend line.

Today she’s predicting: “We should continue a little higher after a small consolidation here’.

Adding to the good news, the institutional investor-focused Bakkt future platform also broke another all-time high today with volume hitting 5,690 BTC, equating to almost $40 million.

The rebound filled the CME Bitcoin futures “gap” which has become a commonplace occurrence this year.

Long positions in USD on Bitfinex have continued to rise as many traders bet on a further price increase.

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