On Binance, the largest BTC market, 1,000 bitcoins changed hands in two minutes, with prices falling $61.60 to $6,509.91. It slipped below $6,500 on other exchanges.
The day started quite dreary for HODLers. Candlesticks slowly and solemnly strode across the bitcoin chart in the upper half of the $6,000 range for much of the early morning hours.
Bitcoin traders might need a neck brace right now.
That’s because the price of the cryptocurrency took a sharp U-turn in the course of trading on Wednesday.
Then, at precisely 7:51 a.m. ET, as New York traders were sitting on their desks and sugaring their coffees, another selloff began.
Yet a minute later, 897 were traded on the exchange and prices seemed to stabilize at around $6,537. The lull was short-lived; another selloff with 986 bitcoins finding their way to new accounts.
At 8:31 a.m. ET, the rally began.
Buy orders flooded markets and bitcoin gained $74 in two minutes, closing at $6,595.94 at 8:32 a.m. The candlesticks that trudged through the mud minutes before suddenly had a quicker step. By 11:00 a.m., the cryptocurrency was trading hands at $6,900 apiece.
It took a few hours from there but at that point, the excitement was in the air. Bitcoin poked around the $7,200 resistance level at around 3:30 p.m. but didn’t have the gumption to break above.
Nonetheless, as New York equities markets close and volume tapers off, traders are once again eyeing that $7,200 like a snake who stumbled into a mouse hole.