What’s Next For Bitcoin Prices After Their Latest Pullback?

SourceForbes
SectorFinancial Markets
CountryMiddle east

Bitcoin prices have been encountering some difficulty lately, falling more than 15% between yesterday and today amid a broader market sell-off. The world’s most prominent digital currency declined to as little as $31, 035. 49 this morning, CoinDesk data shows.

At this point, the cryptocurrency was down roughly 15. 6% from yesterday’s intraday high of $36, 777. 56, additional CoinDesk figures reveal. Bitcoin suffered these declines at a time when the digital asset has been trading primarily between $30, 000 and $42, 000 since late May. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] In light of current market conditions, several technical analysts highlighted the crucial price levels that traders should watch. Justin Hartzman, cofounder and CEO of cryptocurrency exchange CoinSmart, offered some perspective on this matter. “On-chain metrics show that the SOPR (spent output profit ratio) is below one for...read more...