Bitcoin Price Slides on Profit Taking
The bitcoin price fell sharply today but holds above $700 support. Sell-offs will happen and we look for support levels that will provide support for building the next wave of advance. A sizeable $70 drop in the Bitstamp chart, today, as speculators took profit for various reasons: end-of-week, futures settlement, technical signals or just plain caution. Bitcoin price has covered just over $200 and 1,300 CNY during the past week – a large distance and encouraging advance. It is unclear how deep the current pullback will decline. Price is well above support at $680 but is some distance away....
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