Bitcoin Hits A Speed Bump 🚧
Bitcoin Hits A Speed Bump
The incredible Bitcoin comeback of the last few days just hit a sizable snag with prices plummeting almost 20% before stabilising above the $7,000 mark. Never a dull day in the crypto markets!
While analysts are still searching for the cause of the correction, preliminary research points to a number of large sell orders which then sparked fears of a reversal. Whether or not this was just profit taking or the big dogs wanting to buy up more at lower prices is hard to tell, and there doesn’t seem to be any news related trigger at this time.
The recent surge in Bitcoin brought the digital currency back at a rate of knots to a new 10-month high after remaining relatively dormant from December – March. However, the 100%+ rally since the start of 2019 has put the spark back in the eyes of crypto enthusiasts the world over.
The next few days will be important for the longevity of the recent bull run. A return to levels above $8,000 would be a strong bullish signal which could well drive gains towards the $10,000 mark. However, a breakout below $6,000 could move risk averse investors to lose faith in the virtual currency’s Balboa-style comeback story.
Buckle up, people, this could get interesting.