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The bounce was expected however the magnitude of it is a very positive sign. Markets have been plummeting for weeks, and are still very low, however the rebound was far bigger than the previous one indicating that this could be the reversal everybody has been waiting for.

Bitcoin pumped $500 in about three hours which gives it a 9% gain on the day. Trading just below $5,900 this time yesterday it has now jumped back to the previous resistance level of just over $6,400. The rest of the altcoins naturally followed their master back up, with Ethereum jumping 7% to $450. Levels are still very low and may resume bearish momentum but the big pump is welcome news this Saturday morning.

@peakdemand

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