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  • Bitcoin price made a strong advance on Wednesday, jumping as much as 7% in the session.
  • A bullish pin bar candlestick can be seen on the daily time frame for BTC/USD, indicating of a potential reversal.

 

The Bitcoin price made a strong rally on Wednesday, gaining as much as 7%, as the crypto market across the board saw a firm pick up in pricing. This comes after two weeks of heavy selling pressure, time will tell as to whether this rebound has real conviction.

BTC/USD via the daily time frame saw the formation of a bullish pin bar, which typically indicates of a reversal. This came after the price hit lows on 14th August at $5860, coming following a 30% drop over a two-week period from highs of $8300.

Given the bullish pin bar candlestick, it does make BTC/USD liable to some upside pressure, with the bulls keen on a recovery. The price has been very much oversold within the short-term. Rallies observed however seem to be consistently sold by the bears, time will tell how much fire power this reversal may have.

 

BTC/USD daily chart