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Bitcoin slips under $35,000 following an unstable trading week

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Investors were witnessed making profits after Bitcoin slipped during Friday. Cryptocurrency slipped by almost 11%, to $34,409, during the day’s lows.

This decline posts the second most volatile week for bitcoin for the whole last 3 years. The market haswitnessed the token ascent to a high of almost $41,440 before it slid down to a low of $30,324.

During this week, an increasing number of voices were observed dismissing the digital currency as a dangerous market bubble.

Mark Cuban, a billionaire investor, compared the BTC to the internet stocks bubble. Also, bitcoin was thought to be a relatively more speculative financial asset that had performed a comparatively insignificant amount of business and trade by the president of the Central Bank of Europe, Christine Lagarde.

Recent News on Bitcoin

On Friday, Bitcoin saw a sharp decline in its price, given the lesser fluctuating trading forced the prices to fall below $35,000 again, after surpassing the $40,000 high the previous day. For more information visit trade with Bitqs.

The cryptocurrency slipped by almost 11%, to $34,409, during the day’s lows. A very unsteady price activity witnessed the price of the bitcoin to rise at a new all-time high of $41,440, before it was seen falling to a low of $30,324. The market bubble witnessed during the week was considered to be the second most volatile week during the whole last three years.

Investors have generally looked to analyze and secure gains on their bitcoin investments against missing out on any opportunity of extra opportunities of securing additional profits. The crypto market has instead seen the BTC doubling in its prices at the start of this year after clearing its 2017 peak in December. Currently, the token is seen trading at about 25% higher year-to-dare. However, it is also trading 11% below the peak level it reached during the start of January this year.

During this week, an increasing number of voices were observed dismissing the digital currency as a dangerous market bubble.

Mark Cuban, a Billionaire investor, compared the BTC to the internet stocks bubble. Also, bitcoin was thought to be a relatively more speculative financial asset which had performed a comparatively insignificant amount of business and trade by the president of the Central Bank of Europe, Christine Lagarde, who also believes that a digital euro will be introduced and will become a reality in the coming years.

The crypto currency market strategists and analysts have also tapped down upon the ongoing rumors and hype about the bitcoin’s ongoing rally.

About this matter, Michael Evert, a global strategist at the Rabobank, spoke that “Wall Street just drools over the word ‘crypto’ any time it sees it without understanding any of this at all. It’s not a surprise Wall Street does so, as anything that shows an exponential price increase would get their interest,”.

A Final Word

According to the opinions of the technical analysts in the digital currency market, the price has been changing rapidly in between those support levels which have the ability to either make record highs or could possibly cause deep lows otherwise. It was also very recently observed that the bitcoin’s Relative Strength Index – which records the cryptocurrency’s momentum for the previous two weeks i.e. fourteen days, slipped beneath the levels signifying that the token had been overbought. 

Craig Erlam, one of the senior strategists and market analysts at Oanda Corporation, a renowned brokerage firm, believe that although a price level of $35,000 may offer an exciting test, however, the only level which would really make a difference is at least the $30,000 level. He thinks that this could cause an even greater correction.

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