Crypto Winter Is Here? Bitcoin Treads Trading Range Bottom After Crash

Bitcoin price (BTC) hovered near widely-predicted support levels on Oct. 24 after a day of carnage sent markets tumbling to five-month lows.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin battles fresh Congressional criticism

Data from Coin360 showed Bitcoin stabilizing on Thursday following its sudden downturn a day previously, during which BTC/USD lost $500 in just five minutes.

Bitcoin seven-day price chart. Source: Coin360

As Cointelegraph reported, the losses had long been anticipated, with analysts almost exactly predicting the floor lying at Bitcoin’s 200-day moving average — approximately $7,400.

The bottom in fact came at $7,360, while attention now focuses on Bitcoin’s next move. A major factor potentially exerting pressure on price is governmental scrutiny of Libra, Facebook’s proposed digital currency. 

This week, the United States Congress again grilled CEO Mark Zuckerberg in a public hearing, during which Bitcoin also came in for criticism. 

Beyond…