Cryptocurrency
Bitcoin Retraces 45% of Recent Price Gains as Bulls Lose Momentum
As reported by CoinDesk, “Bitcoin is flashing red for the third straight day, with a major portion of the recent price gains now erased. “After a drop back to below $7,800, the cryptocurrency has erased nearly 45 percent of the rise from $6,850 to $8,463 witnessed in the six days to Jan. 8, according to […]
As reported by CoinDesk, “Bitcoin is flashing red for the third straight day, with a major portion of the recent price gains now erased.
“After a drop back to below $7,800, the cryptocurrency has erased nearly 45 percent of the rise from $6,850 to $8,463 witnessed in the six days to Jan. 8, according to CoinDesk’s Bitcoin Price Index.
“At press time, the biggest cryptocurrency by market value is currently changing hands near $7,757, representing a 1.5 percent drop from the day’s opening price (UTC) of $7,875. Bitcoin shed 1.4 percent and 2.9 percent on Wednesday and Thursday, respectively.
“The cryptocurrency did show signs of life with a move higher from $7,780 to $8,000 during the early U.S. trading hours on Thursday. However, the bulls lost momentum near the $8K psychological resistance and the minor bounce was quickly reversed.
“The rejection likely invited stronger selling pressure, yielding a drop to a low of $7,676 earlier today.
“Looking forward, a deeper drop to key support below $7,600 cannot be ruled out…”