Bitcoin price hovered near widely-predicted support levels on Oct. 24 after a day of carnage sent markets tumbling to five-month lows.
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.
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.
This week, the United States Congress again grilled CEO Mark Zuckerberg in a public hearing, during which Bitcoin also came in for criticism.
Beyond external factors price decreases could test a technical theory focusing on Bitcoin miners.
According to some calculations, current miner profitability demands a Bitcoin price of at least $6,500.
Investment in mining infrastructure suggests that regardless of price performance, miners are bullish about the future.
Altcoins meanwhile continued to see red as Bitcoin showed little sign of recovery.
The overall cryptocurrency market cap was $204 billion at press time, with Bitcoin improving its share marginally to 66%.Keep track of top crypto markets in real time here.
Crypto Winter Is Here? Bitcoin Treads Trading Range Bottom After Crash
gepubliceerd op Oct 24, 2019
by Cointele | gepubliceerd op Coinage
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