The value of the cryptocurrency took a sharp U-turn on Wednesday on the course of trading. On Wednesday morning, the day looked quite dreary as 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.
In the largest BTC market known as Binance, 1,000 bitcoins changed hands in two minutes, with prices falling from $61.60 to $6,509.91. On the other exchanges, it slipped down to $6,500. However, a minute later 897 bitcoins were traded on the exchange and prices seemed to stabilize at around $6,537. The calm environment lasted only for a few minutes before it was for another shock as selloff with 986 bitcoins found their way to new accounts.
The rally began at 8:31 A.M. Bitcoin gained $74 in two minutes as buy orders flooded the markets. Around at 8:32 A.M., the bitcoin market closes at $6,595.94. Suddenly, the candlesticks had a quicker step which earlier was slogging through the mud. And then by 11:00 A.M., the digital currency or cryptocurrency was trading hands at $6,900 apiece.
At around 3:30 P.M. the Bitcoin poked around the $7,200 resistance level, but it didn’t have the shrewdness to break above.