Bitcoin Price Spikes But Bull Reversal Is Still $1K Away

Bitcoin (BTC) spiked to multi-month highs Monday, likely due to a sell-off in tether (USDT), but a bullish reversal is still not confirmed, technical charts indicate.

The leading cryptocurrency jumped to a 2.5-month high of $7,788 at 06:45 UTC on Bitfinex – the cryptocurrency exchange, which manages Tether LLC, the firm that developed the USDT token.

Interestingly, the stablecoin USDT was down 2 percent just before BTC picked up a bid at 05:00 UTC and fell further to an 18-month low of $0.925284 at 07:00 UTC, as per CoinMarketCap.

Continue Reading on CoinDesk

Like this: Like Loading...