Bitcoin Price Drops Failing to Reach New Highs

Bitcoin down more than 6 percent down the day after failing to new highs.

HONG KONG/TOKYO (Reuters)-Bitcoin plunged in Asian trade on Thursday to one point, more than 6 percent down the day after failing to new highs.

Bitcoin, the largest and best-known cryptocurrency in the world, last exchanged at $17,700, having lost more than $1,000 from its previous near.

With very high volumes on the spot but even on leveraged markets, it is not shocking that there will be this kind of accelerated reversal after failing to meet the all-time highs. Although it is conceivable for a short visit in the upper to mid-16,000s, we are already trending up and with a lot of upside potential.

Bicoin lower than all time high in December 2017

Bitcoin has risen 358.6 percent this year from the year’s low of $3,850 on March 13, but has not yet surpassed the December 2017 hit of $19,666.

Analysts claim that this new surge varies from 2017 that there are proportionally less institutional buyers and more companies selling coins, such as hedge funds and family offices.

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