Bitcoin bears may have had the upper hand in their fight with the bulls on Tuesday, although the positive price action seen today suggests the cryptocurrency is still on the hunt for $5,000 (all-time high) levels.
The bitcoin-U.S. dollar (BTC/USD) exchange rate clocked a fresh five-week high of $4,925 on Tuesday, but ended the session with marginal losses at $4,750.
The decline lacked clear catalysts, however. Techies may consider overbought conditions responsible for the retreat, while news traders may blame Putin's comments on cryptocurrency for stalling the rally at a time when record high was within touching distance.
But, whatever the reason, bitcoin's descend from $4,925 to $4,750 does call for caution. At press time, BTC is trading at $4,800 – up 0.20 percent on the day. Week-on-week and month-on-month, the cryptocurrency is up 14 percent.
Full story at http://bit.ly/2i3s2gG
Source: CoinDesk
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