Bitcoin Price Hits Floor, Bounces Back Above $8K, But For How Long?
Bitcoin price has reversed its downward trend Friday, prices bouncing upwards from multi-month lows to gain over $1200 in an hour.
Markets Have Enough Of Bitcoin Price Downturn
Data from Bitstamp shows an impressive turnaround in Bitcoin’s fortunes following multiple new warnings of a serious blow to traders appearing in mainstream media.
BTC/USD hit a bottom of $7625 in morning trading before exiting considerably higher, breaking $8793 at press time.
Bitcoinist had earlier cited online trading sources forecasting a price floor against USD as low as $7300.
Twitter personality Squeeze led celebrations among traders, suggesting Bitcoin had definitively covered its short-term low in sentiment now gaining traction.
— Squeeze [LSK] (@cryptoSqueeze) February 2, 2018
Prior to the drop, analysts at TradingView similarly predicted a lower trading range of between $7000 and $8000 based on 2017 performance.
Altcoins Go Cheap Before Copycat Moves
The uptick has yet to have an associated knock-on effect among altcoins meanwhile, markets having been dragged lower as Bitcoin sank to even outdo its losses by at least 50%.
Improvements mean Bitcoin has currently lost only 9.5% since Thursday, while altcoin assets continue to nurse drops over 16%. In total at markets’ lowest point, $100 billion had disappeared from cryptocurrencies’ combined market cap.
While it remains to be seen how mainstream media publications will react to the recovery from widespread negative press Thursday, a resource for those perhaps more confident in their decision never to touch Bitcoin has surfaced online.
‘Ididnotbuybitcoins.com’ takes the cryptocurrency’s all-time high of $19,783.21 from December 17, 2017 and shows users how much they either saved or squandered by not investing on that date.
The tongue-in-cheek website is similar in vibe to 99bitcoins’ Obituaries, which chronicles mainstream announcements of the ‘death’ of Bitcoin and currently includes almost 250 funerals.
Meanwhile, crypto market analyst Tone Vays appears to be correct, at least for the meantime, in calling the $7,500 floor (you can check out live webcast in the tweet below).
— Tone Vays [#Unconfiscatable] (@ToneVays) February 2, 2018
What do you think about Bitcoin’s price reversal? Let us know in the comments below!
Images courtesy of Tradingview, Shutterstock, Twitter