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Friday, June 16, 2017

Markets Update: Bitcoin Sees Largest Dollar-Value Retracement in History

Markets Update: Bitcoin Sees Largest Dollar-Value Retracement in History

2017 has been an incredible year for bitcoins and cryptocurrency. Bitcoin’s price saw a 300% increase from the start of the year, and many altcoins have seen meteoric rises.


For bitcoin, it has been a year of records. The past 7 days has seen bitcoin experience both record-breaking price gains, and record-breaking price losses – with Bitstamp and Bitfinex dropping from approximately $3000 USD to test a low in the $2100 area.


From the break of bitcoin’s preceding $1200 all-time to the establishment of $3000 as the local top, bitcoin had seen a spike in price that reached the 2.68 Fibonacci extension area.


This last week has seen price retrace down the 50 percent retracement area of the bull run from the previous all-time high, with the current price action appearing to be heading for a retest of the 78.6 Fibonacci retracement area of approximately $2600.


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