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Bitcoin Price Pumps to $8,800, Plunges by 5% in Rapid Successio

Well, would you look at that — within the span of literally an hour, the Bitcoin price surged to $8,820 to dump to $8,350 just minutes later. The range of this move is nearly $500 — some 5.2% at current price points.

The chart below from TradingView sums up the absolutely absurd bout of volatility that the cryptocurrency market just saw quite well. It isn’t clear what triggered this move, yet some suggest that there was a confluence of large sell orders in and around the $8,800 resistance.

According to prominent crypto analyst Josh Rager, who was tracking the price action live via a Youtube video, the large wick to $8,800 on the upside may be a sign of an impending reversal.
Seeing that Bitcoin has seen positive price action over the past few days, the massive upper wick implies a bearish reversal.