Struggling to Recover From the Correction
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After hitting a high of $2760 on Bitstamp, Bitcoin is having a hard time recovering from its most recent correction. Earlier today, the cryptocurrency dropped over 10% as traders took profit, causing the price to crash to a low of $2263. After testing support at the $2300 level three times the market is on edge regarding its next move.
The past few weeks Bitcoin kept hitting new all time highs day after day. Traders have been speculating about the next correction, and it seems like the time has come. The bad news is that the sell off can cause a chain reaction and prices may topple further. The good news is that this correction may be necessary in order to allow the market to grow to a $10,000 Bitcoin.
- “The best time to buy bitcoin was last year, the second best time is now.”
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