Advertisement
Advertisement

Getting Back to Normal: Bitcoin Back Above $7,500, Bitcoin Cash Fall

By:
Guest
Published: Nov 16, 2017, 13:47 UTC

Interestingly enough, bitcoin cash enjoyed massive gains during the last breakdown of bitcoin’s market dominance.

bitcoins

Bitcoin has enjoyed a rather expedient recovery after its latest drop-off to the $5,555.55 weekly low, in what amounted to a drawn-out 29.57% pullback, which ended up lasting almost 4 days. The nominal decline totaled $2,332.1 and began after last weeks $7,888 all-time high was achieved. A breach of the $5,101.36 monthly support appeared highly likely at the time, and the subsequent reaction of alternative cryptocurrencies, seemed to favor the former price level. At the time, market sentiment was being heavily orchestrated into this direction, in what felt like an endless barrage of mainstream and alternative media articles alike. Regardless, Bitcoin has managed to bounce back and yesterday has broken above $7,000.

Interestingly enough, bitcoin cash enjoyed massive gains during the last breakdown of bitcoin’s market dominance. The BitFinex BCH/USD trading pair registered a new $521.21 November 8 weekly low (GMT 18:00), which practically coincided with the Bitstamp’s BTC/USD $7,888 November 8 all-time high (GMT 17:00). The inverse correlation could not have been more obvious, and an extremely violent run-up resulted in the $2,799 bitcoin cash all-time high. Understandably, this high has now become a focal point of many trading plans. Bitcoin cash dropped 19.35% on Thursday to trade at $1019 at time of writing.

Get Into Bitcoin Trading Today

The jump above the $7,000 psychological level has also managed to stir up additional media attention. Two articles stood out among the crowded interwebs, the first was from Bloomberg, and covered trading activity on the Zimbabwe’s Golix exchange. The second was published by bitcoin.com and was chiefly based on citing the thoughts of Alan Greenspan on bitcoin.

Bitcoin entered into a conventional reversal from the $7,888 all-time high on November 8 (GMT 17:00) and currently is near the record high. Bitcoin is trading at $7375, +1.39%, at the time of writing.

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

About the Author

Guestauthor

Did you find this article useful?

Advertisement