Bitcoin (BTC) bounced off $viii,500 on April xxx afterwards fresh volatility saw the largest cryptocurrency shed 8% in hours.

Cryptocurrency market daily overview

Cryptocurrency market place daily overview. Source: Coin360

BTC price tests reclaimed support

Data from Cointelegraph Markets and CoinMarketCap showed a swift reversal for Bitcoin on Thursday trading, diving from highs of $9,440 to lows of $eight,530.

At printing time, support at $8,500 — which as resistance proved weak during Bitcoin's run-up this week — was holding.

Short-term movements remained choppy, with jumps of $200 or more than occurring over a affair of minutes or less.

Bitcoin 1-day chart

Bitcoin 1-day nautical chart. Source: CoinMarketCap

The action coincided with what could exist speculative moves by large-volume traders. OKEx, for case, saw a string of $20,000 withdrawals in quick succession, something commentators suspected was related to maintenance.

The comedown from a day of wild gains was nigh probable a necessary issue of such rapid progress for Bitcoin. On Tuesday, markets were still at $7,700, having already seen a major uptick the previous week.

Popular market analyst Michaël van de Poppe was similarly unshaken by the volatility. He told Cointelegraph in individual comments:

It's probably just a vertical move on BTC through liquidating shorts and hitting resistance around $9,300-9,500, after which stops on longs got liquidated off the people ownership high, and so probably just technical.

As Cointelegraph reported, big trading volumes came from exchanges, while speculative options such as Bitcoin futures remained flat.

Even factoring in the most recent correction, returns for investors remain impressive compared to every other macro nugget, now including gilded.

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