Bitcoin Prices Drop Below $6,000, Is The Cryptocurrency Prepping For A Pullback?October 23, 2017 1:32 pm
Bitcoin reached a new record high last week, but bitcoin prices now appear to be receding Monday, Coindesk .com reported.
Bitcoin prices early Monday slid below $5,800 after setting record highs above the $6,000 mark on Friday and set the new all-time high of $6,148 at 15:00 UTC Saturday, the report said.
The hike is the result of the cumulative returns from the September low of $2,980 to more than 100 percent, the report said.
Despite the regulatory crackdown in China and subsequent fears of similar restrictions worldwide, the record rally indicates investor sentiment continues to grow, the report said.
Holding bitcoin ahead of November’s hard fork, the report said, have boosted its appeal. The forthcoming hard fork promises the creation of a new type of cryptocurrency.
However, price action analysis suggests BTC could be prepping for a deeper pullback, the report said.
Bitcoin has rallied close to 500 percent since the start of 2017, the report said.
As far as the stellar gains, a pullback of more than 20 percent will qualify as healthy correction and not a bear market as widely believed, the report said. Meanwhile, a drop of 20 percent or more is considered an entry into a bear market.
– WN.com, Jack Durschlag