Having witnessed a solid recovery from the low of $5,100 in the last 24 hours, bitcoin is once again trading on the front foot and looking northwards.
At press time, the bitcoin-US dollar (BTC/USD) exchange rate was roughly $5,700. As per CoinMarketCap, the cryptocurrency has gained 6.47 percent in the last 24 hours. Week-on-week, BTC is up 4.77 percent, and on a monthly basis, it is carrying 45.7 percent gains.
So, is the bitcoin price eyeing $6,000? Strong dip demand would seem to suggest so.
The drop to $5,100 witnessed yesterday turned out to be healthy correction as expected, and the subsequent 'V' shaped recovery could be taken as an indication cash is waiting on the sidelines for a good opportunity. Further, the potential (or perceived) benefits of holding bitcoin ahead of the hard fork in November could also bring in more buyers, leading to higher prices.
Full story at http://bit.ly/2xQXnpf
Source: CoinDesk
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