Bitcoin prices have had a bumpy ride as last week saw prices push well into the $8460 price range. Seeing a significant jump from the sub $7k range, bitcoin holders remain positive despite the incoming price drop and market correction which will take place. Not only has the rate of growth bee implicated in the current market movements, being tax day for Americans many have resorted to selling bitcoin to raise the necessary funds.
As seen on graphs below, bitcoin markets have entered a temporary bearish phase as prices have tanked after yesterdays updraft.
To conclude, bitcoin markets rallied briefly last week sending prices soaring to highs of $8500. Although this was a refreshing period for many bitcoin holders, it seems in the short term prices will continue to fall over the next 24 hours as many look to pay of their taxes. With the initial deadline being the 17th of April, we may see a inflated trade volume as users attempt to liquidate bitcoin holdings to prevent tax bills from accruing on a annual basis.
Speculation
Currently users are advised to sell in the short term as prices are set a target of $7840 according to current trends. Current order books show significant support at these lower levels which should allow markets to return to healthier levels later this week. The worst of the storm is set for tomorrow, but according to current calls, markets are poised to return to the $8300 levels within a week.
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Disclaimer : The above content is not meant to supersede trading advice, The author or BTC.NG can not be held liable for any losses which arise. Please trade responsibly and remember losses can exceed deposits !
