As Bitcoin spikes $2,500 in 1 day, analyst says the bear trend is technically over

According to global markets analyst Alex Krüger, the bear trend of Bitcoin is technically over after its abrupt and massive rally.

"Technically, BTC bear trend is over. Fundamentally, market changed in the last two months for the worse beyond just price. Miners implosion likely incoming. Impressive BAKKT volume spike, now 2% of CME's. Today's +15% in my opinion clearly related to China's news."

The short term upside movement of bitcoin was crucial in preventing a further downside movement below key support levels at $6,800 and $6,300, which were being considered as possible targets following weeks of stagnancy.

President Xi is the true Crypto Dad. - Alex Krüger October 26, 2019.Bakkt sees record-high volume but it's not a big Bitcoin mover.

Subsequent to the $2,500 movement of Bitcoin from around $7,500 to $10,000, the volume of Bakkt, a regulated bitcoin futures market operated by the parent company of the New York Stock Exchange, achieved a new record high at 1,179.Today we set a new daily record of 1,179 Bakkt Bitcoin Futures contracts traded.

Each contract on Bakkt is equivalent to 1 BTC and as such, 1,179 indicates a daily volume of 1,179 BTC or $11.79 million.

What happens next for BTC? With analysts like Krüger suggesting that technicals indicate a strong trend reversal for bitcoin, traders are looking at historically important resistance levels in the $8,000 to $9,000 range to confirm a breakout.

Off of the strong upside movement of Bitcoin, Ethereum climbed from $161 to $191, by more than 17 percent within two hours.

Analysts generally anticipate that the overnight rally of Bitcoin is likely to ignite the start to an extended rally and a potential trend reversal to the upside throughout the short to medium term.

The spike in the price of bitcoin comes at a crucial time after dropping to the lowest level since June.Posted In: Bitcoin, Price Watch.