The Bitcoin price has taken a tumble over the past week falling to levels of $2200 currently hovering at the $2578 mark.
As seen on the graph below the week was eventful for bitcoin users giving many opportunities for cheap bitcoin purchases. A strong wall of support is now seen at the $2500 price point as investors look to take advantage of the short-term volatility being experienced. Analysts have also considered the $2736 price point the most stable peak, nearing the 127% Fibonacci extension which is experienced usually after market correction periods seen after strong bull runs. The future may see some retesting of the $2200 levels unless new capital does not increase significantlyâ€¦
To conclude, Bitcoin prices have moved into a short-term market correction period as the fall to $2200 was quickly retraced back to upper levels of $2500 during the latter part of the week. Analysts have labelled the cryptocoins with a buy signal overall as prices still be stable now with the prices of $2532 being kept with volumes at the $1.4 billion mark. Prices are predicted to move up to the $2650 mark later next week. With prices of other cryptocurrencies also increasing even rivalling the likes of Bitcoin itself, Ethereum has been publicized as Bitcoin 2.0. While prices now are rising at an unsustainable rate, Bitcoin prices are set to move in a similar direction as many looks to buy Ether.
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