Anyone who was awake last night saw the immense volatility of the Bitcoin price. Bitcoin worked its way towards the $ 40,000 mark for several hours and made the jump to around $ 40,200 around 7 p.m.
A „monster candle“ followed a full two minutes later and the price fell to $ 36,500 within 45 minutes.
The mood turned quickly, exchanges such as Crypto Genius and Binance were briefly offline and the community was raging.
Some traders stressed that the dip should now be used and Bitcoin bought , while others posted pessimistic analysis. But what happened next made many bullish.
Around 8:45 p.m. it starts to look up again. It seems that there were enough buy orders to absorb the setback, even though Coinbase, Binance and other crypto exchanges were briefly down and users therefore did not have the opportunity to buy the dip.
Yesterday’s volatility showed how quickly the mood within the community can change. Big whales probably dumped the Bitcoin price and took advantage of the stop-loss orders and sales of the „little traders and weak hands“ to fill their own pockets with more Bitcoins. PlanB presented this appropriately in a tweet yesterday:
Yesterday’s campaign showed that it is important to use a crypto exchange that you can rely on and, in an „emergency“, deposit money within a few minutes in order to benefit from the volatility. Therefore, an exchange where you can buy Bitcoin with PayPal is of course an immense advantage.