Bitcoin (BTC) bounced off $8,500 on April 30 after fresh uncertainty saw the largest cryptocurrency shed in hours at 8 percent.

BTC price tests re-established support

Cointelegraph Markets and CoinMarketCap data on Thursday’s trading showed a rapid turnaround for Bitcoin, diving from highs of $9,440 to lows of $8,530.

At press time, support was staying at $8,500. Also, which proved low as resistance during this week’s run-up to Bitcoin.

Short-term swings remained choppy, with $200 or more jumps in a matter of minutes or less.

The activity coincided with what the large-volume traders might be speculative movements. OKEx, for instance, saw a $20,000 series of withdrawals in quick succession, something speculated by analysts was linked to maintenance.

The comedown from a day of crazy gains was most likely a required consequence for Bitcoin of such speedy development. Markets already at $7,700 on Tuesday. Having seen a big upturn the week before.

The volatility had similarly unshaken the famous market analyst Michaël van de Poppe. In private remarks, he has told:

“It’s probably just a vertical move on BTC through liquidating shorts and hitting resistance around $9,300-9,500, after which stops on longs got liquidated off the people buying high, so probably just technical.”

Big amounts of trading came from exchanges, while risky options like the Bitcoin futures stayed flat.

Also factoring in the current correction, investor returns remain spectacular relative to all other macro assets, now including gold.