Bitcoin Surges $300 in 5 Minutes: Analyzing the Crypto Market Rally

LTC had been showing strength, perhaps in part due to the LTC + BEAM announcement. That led to BTC breaking short term resistance with a $300 run in the span of 5 minutes.

What can happen in crypto is that due to its volatility, everyone will sort of pile into a single trade. You have many bots and people waiting to market buy a breakout, then you have market making bots that move their orders up when they start being eaten, then you have top buys, then you have shorts forced to close as the price shoots up (which creates more buying pressure).

That cascade of things is what seemed to happen today as BTC’s price went on a mini moon adventure.

No reason to be overly excited, as the crushing 1 year plus bear market is still alive and well, but it was nice to see a market wide rally, on the back of BTC, which itself was on the back of LTC.