Bitcoin’s 9% dip over the last week reduced the likelihood of downside volatility, say analysts from crypto exchange Bitfinex.
Bitcoins’ near 10% plummet last week was just a “healthy realignment” that should lower the risk of it suddenly dropping in the coming days and weeks, say analysts from crypto exchange Bitfinex.
In an Oct. 6 report, Bitfinex analysts said the price of Bitcoin (BTC) stumbling down to the $60,000 support zone along with several other key technical factors was a strong indicator of lowered volatility in the coming days and weeks.
Bitcoin rallied to $66,600 on Sept. 27, but market optimism waned quickly as escalating geopolitical tensions in the Middle East and concerns around the strength of the United States economy snuffed out the appetite for risk.
