Bottom in Place? Bitcoin's Price Needs to Consolidate Gains

Bottom in Place? Bitcoin’s Price Needs to Consolidate Gains

Bitcoin’s price is holding its ground so far today. As of writing, the world’s largest cryptocurrency by market capitalization is changing hands for $6,495, as per the CoinDesk Bitcoin Price Index . According to CoinMarketCap , the bitcoin-U.S. dollar (BTC/USD) exchange rate has dropped by 1.74 percent in the last 24 hours. Still, the small decrease hides the fact that BTC retraced more than 50 percent of its recent sell-off yesterday. In the time since, the downside has been capped around $6,400, while a ceiling has formed around $6,800. So is the short-term bottom in place? Monday’s sharp recovery […]