Well, what do you know! Bitcoin (BTC) in the past few hours has absolutely knocked the socks of bears.<\/p>\n
Since the daily low of around $7,450, the leading cryptocurrency has surged by 17% \u2014 liquidating $150 million worth of short positions in the process.<\/p>\n
As of the time of writing this piece, BTC is changing hands for $8,600, just $200 shy of the $8,800 daily top seen so far.<\/p>\n
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While the day is far from over, many analysts have seen this move higher as undeniably bullish for the cryptocurrency markets at large.<\/p>\n
The Wolf of All Streets, also known as Scott Melker, pointed out in the wake of this move that the recent volatility nearly confirms a bullish SFP pattern on BTC’s one-month chart. This would likely mark a reversal to the downtrend Bitcoin has seen since late-June if it plays out.<\/p>\n
\n$BTC<\/a> Monthly<\/p>\n
Very likely to close the month with a bullish SFP. Very, very rare on the monthly chart. Any close above that red line would qualify. Clearly, there was a ton of demand and liquidity engineered in the past few days. pic.twitter.com\/raJ6jSeRgl<\/a><\/p>\n
— The Wolf Of All Streets (@scottmelker) October 25, 2019<\/a><\/p><\/blockquote>\n