Bitcoin prices did break the all-time high earlier this week peaking at $2763 this week. However, the latter part of the week has seen a significant market correction occurring as prices tumbled further and further till lows of $1850 were seen on a handful of exchanges.
As seen below the week presented many opportunities for producing huge profits as many traders could capitalize on the huge swings seen around the $2400 mark. While volumes have considerably dropped in the past 24 hours decreasing well over $500 000 000, support at the $2000 mark is substantial and is unlikely to break for the majority of the coming week.
To conclude, bitcoin prices have recovered over the past 24 hours from dips to the $1855 as predicted by many analysts. Many anticipated a fall of 43% if the prices did reach the $2800 mark and the current market correction is in line with normal market movements. While the bull run hasnâ€™t come to an end by the stretch of the imagination it would be wise to wait for prices to move to levels of $1950 before making a substantial long-term investment. For the experienced traders, the current markets have seen a daily swing of well over $100 in either direction allowing many to make huge profits margin trading and selling in Korean markets which are currently set at market premiums of over 30% at the time of writing.
Overall bitcoin has a weak buy signal placed by analysts, considering the current market correction is set to remain for the week as the bull run to $2760 has allowed many weak hands to be shed leaving a mix of long term holders and gamblers influencing the markets.