Bitcoin Goes Down and Surges Up 24hrs After Extreme Volatility

Bitcoin price is trending sideways after failing to overcome the $30,000 psychological level during a recent rebound. The BTC/USD chart has developed into a symmetric flag in the one-hour timeframe after experiencing some volatility in the past 24 hours.

BTCUSD 1H Chart on TradingView

It was an eventful week for Bitcoin, as the flagship cryptocurrency experienced one of its most volatile moments since the year began. Rumors of the U.S. government selling off confiscated Mt.Gox Bitcoins sent the market into panic mode, and Bitcoin shed more than 8% of its value in less than two hours.

The price rebounded after the rumor was debunked, and almost all the losses recovered within 24 hours. Despite an impressive rebound, the $30,000 price level is again proving difficult for Bitcoin to overcome. The pioneer cryptocurrency experienced another selloff, this time to a smaller magnitude in the past 24 hours.

After reaching a local high of $29,887, the bears overpowered the bulls, pushing the Bitcoin price down again. The battle between the bear and the bulls continued, with both sets of traders trying to overpower each other. The latest drop led to a 3% loss in 24 hours to reach $28,922 before the bulls pushed back and forced another rebound.

The struggle between the bears and bulls has become tighter, leading to the development of the symmetric triangle chart formation. An upside breakout could see Bitcoin price climb above $30,000 and probably retest the established yearly high of $31.035 while breaking below the triangle would likely see prices continue consolidating between the $28,000 and $30,000 range.

As of the time of writing, Bitcoin traded at $29,317, reflecting a 79.3% gain since the beginning of the year.

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