RATE Group | Why Bitcoin Investors Should Be Worried Despite Pump to $7,900
74848
post-template-default,single,single-post,postid-74848,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Why Bitcoin Investors Should Be Worried Despite Pump to $7,900

07 Jan Why Bitcoin Investors Should Be Worried Despite Pump to $7,900

Posted at 04:33h in Cryptocurrency News by

[ad_1]

It appears that Bitcoin bulls aren’t ready to take a breather just yet after the jump to $7,600 just hours ago. Just minutes ago, the cryptocurrency surged past $7,900, reaching as high as $7,920 as buyers finally have stepped in. As of the time of writing this article, the cryptocurrency is up 5.79% in the past 24 hours, slightly underperforming Ethereum’s near-6% performance and dramatically falling short of XRP’s jaw-dropping 12% gain.

Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So

Although the momentum is impressive, some analysts are starting to fear that a short-term pullback is likely on the horizon, citing a number of technicals and chart patterns that suggest Bitcoin may be overextended in the short term.

Bitcoin Poised for Short-Term Pullback

CryptoHamster noted that with this major pump, Bitcoin has reached the upper bound of a key downward channel that the cryptocurrency has been trading in for some seven or so months now….

[ad_2]

Source link

Tags:
, , , ,