Bitcoin Price Plunges Below $700 As Market Outlook Weakens
The price of bitcoin fell below $700 on 21st June, dropping more than 10% in an aggressive correction to recent gains. The decline came just a day after the price surpassed $780, rising to a fresh 28-month high, CoinDesk USD Bitcoin Price Index (BPI) figures reveal. But while this could be viewed as a positive for the digital currency, investors didn't quite see it the same way. The currency appeared "slightly overbought" after reaching the “high 700s,” according to Arthur Hayes, co-founder and CEO of bitcoin leverage trading platform BitMEX. To some market observers, the trading....
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Bitcoin bulls with a long-term outlook should hold onto their upside positions even as the cryptocurrency plunges lower. It is because the BTC/USD exchange could still resume its uptrend towards $16,000, a level it last touched in January 2018, says an independent analyst who operates under a pseudonymous identity. He nevertheless warned that the pair […]