BREAKING NEWS: Bitcoin defies the critics and the odds as it rockets above $3,600

LIVE: Sudden spike in last hour caps a day of upward movement for flagship cryptocurrency as markets turn green

Bitcoin has suddenly risen above the $3,600 line as it ends a remarkable day of trading.

The original cryptocurrency began Tuesday hovering on $3,500 which it had spent much of the last 15 hours weaving around.

But suddenly, at about 11pm (UK time) the market exploded into life in much the same fashion as it did yesterday with a completely unexpected spike.

Experts were left scratching their heads on Monday afternoon when similar activity took place following large purchases in Japan.

Dramatic rise

It isn’t yet clear what is driving this evening’s dramatic rise.

What is clear, however, is that the volume may not be able to sustain a robust upwards movement – a clear signal that the support may be to fragile to hold Bitcoin’s value in place.

Watching from the Coin Rivet newsroom, crypto writer Nawaz Sulemanji said the pattern wasn’t looking strong.

“So far the volume looks less than the buying pressure earlier in the week,” he said.

“If we see a divergence in volume profile to other indicators such as RSI then it means that the rally may be losing momentum, and we’ve seen that a few times in 2018.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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