Spikes just tell you where the buyers and sellers are lurking. Price spikes up and down = lots of sellers above the spike. Price spikes down and up - lots of buyers below the spike.
They do not really tell you about the health of the market. Market health best measured by 2 or 3 days (occasionally 4) of prices moving consistently in one direction (i.e., each bar makes a new high and new low going up = buyers are prepared to pay more = healthy )