Well, bitcoin has once again led us all into a state of disappointment. Despite the coin’s recent bullish patterns and the fact that it was on a huge roll, the currency has once again taken a turn for the worse, having lost more than $600 at press time. The asset is now trading for $11,100.
Bitcoin Encounters Disappointing Dip
To be fair, it’s still considerably higher than where it stood for most of last month, though it’s disappointing to see such a massive and quick fall considering how well the asset was doing. Just yesterday, it was trading for as high as $11,700, but now, the currency has turned on its bullish friends and decided to hang with the bears. We can only hope that it soon gets bored of their company and goes back to its previous ways.
The world’s number one cryptocurrency by market cap continues to astound us all with its “flip-flop” attitude, as former President George W. Bush might describe it. One minute it’s up, the next, it’s floating towards the bottom of the financial ladder. For the most part, this seems to be the consistent behavior of bitcoin, but it’s always disappointing when it reaches a new low after attaining fresh highs.
The currency spent most of the first two months of the year traversing through bullish territory. It rose into the mid-$7,000 range after a disappointing end to 2019 that saw the currency drop from over $13,000 during the summer down into the low $7,000 range by the time the year ceased. By mid-February, the currency had jumped all the way into the $10,000 range, and many analysts were convinced it was likely to spend the rest of the year there.
Sadly, they couldn’t have been more wrong. Nobody could have predicted the financial onslaught the coronavirus would bring to the United States and to the rest of the world. By mid-March, the digital asset had fallen into the high $3,000 range, and while this didn’t last very long, it was frustrating to see that the currency had lost close to 70 percent of its value over the course of roughly four weeks.
Will Things Rise from Here?
From there, the asset rose into the $5,000 and $6,000 ranges, where it hovered for some time, though by early May, it had shot back up into the low $9,000 range. Everyone thought that things had returned to normal, though despite a few tries to break into the five-figure range, the currency remained at $9,000 for the next two months.
Now that the currency has broken $10K, everyone is hoping that it will stay there. So far, nothing too dramatic has occurred, though a $600 drop is never something to take lightly, and no doubt this move is going to send traders into a bit of a panic.