Monday, May 7, 2018

Bitcoin fails twice over weekend to break back above $10,000 per coin

Bitcoin has been on a roll over the past three weeks to climb out of its two month range of $6500 - $8500 and look towards breaking through $10,000 per coin for the first time since early March.  However two attempts over the weekend ended in failure and on Monday the cryptocurrency is back down about $500.

The bitcoin price has dropped to $9,300, demonstrating another 3 percent decline in value over the past 24 hours after failing to test the $10,000 support level. The cryptocurrency market followed the short-term price trend of bitcoin and has dropped more than $20 billion overnight. 
On May 5, the global average bitcoin price was less than $100 away from achieving the $10,000 mark, as regions such as Hong Kong, Japan, and South Korea with premium rates already surpassed $10,000. However, bitcoin failed to secure the $10,000 support level and immediately declined by around 3 percent, to $9,600.  
Since then, the bitcoin price has fallen an additional 3 percent to $9,300 and the volume of the cryptocurrency market has dropped by around $3 billion, from $26 billion to $22.9 billion. - CCN
As a long term holder of Bitcoin, the inability to recover even to the halfway mark of its all-time highs is disconcerting.  However for investors the recent moves have been a boon to their bottom lines as it appears liquidity in the sector is growing to the point where one can profit on the larger swings following its medium term stagnation in a tight range.


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