Volatility is back. In the past hour, Bitcoin (BTC) bulls have returned in full force, pushing the cryptocurrency from $10,100 to $10,600 in a matter of minutes.
As of the time of writing this, the cryptocurrency is up 5%, trading around $10,550. This unexpected move comes to the upside shortly after the mediocre weekly candle close.
This move comes after the Yuan started to fall against the U.S. Dollar to 7.10, implying that there may be some correlation between a devaluation in the Chinese currency and an uptick in the value of BTC.
RMB protecc pic.twitter.com/HPYB6YWPRd
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Altcoins, unfortunately, were hurt by Bitcoin’s spike. This spike brought Bitcoin dominance up by 0.5%, which, in a market worth hundreds of billions, isn’t a move that should be ignored.
Bitcoin Surges Amid Bearish Predictions
Interestingly, nobody predicted this move. In fact, most analysts have been leaning bearish, claiming that the cryptocurrency market is ready to unravel by another 30% to 40% before heading to fresh all-time highs.
As reported by NewsBTC, one analyst was recently eyeing a November 2018-esque drop that brought BTC down by 50%. Such a move seems to have been invalidated by this pump, though.
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