Bitcoin started the week roaring towards $10,000 but the bulls exhausted soon after crossing $9,800. This bullish pivot reversed some of the damage from last week’s correction, which saw the Bitcoin price sink as low as $8,342 on March 9 after peaking at $11,700 just four days prior.
At the time writing, Bitcoin is trading at $9,094 representing a market cap of $153 billion.
It seems as if the euphoric phase for the cryptocurrencies has ended and some investors have fled the market. Now, only the most interested participants who have a greater conviction in the cryptocurrencies remain.
When prices don’t sustain below support levels on negative news, it is a sign that the bears are losing their grip. The early stages of a bull phase always cause worries. As and when prices recover, the ‘speculators’ will jump right back in.
Interestingly, Bitcoin’s trading volume is now very well distributed, with no single trading pair accounting for more than 10% of the coin’s global volume.
Also, it looks like market has recovered from Mt. Gox panic. Last week’s Bitcoin price dove because of Mt. Gox bearish pressure.
While it is debatable to what extent this sale had a meaningful effect on the Bitcoin price during the recent market correction, the fact that the trustee continues to hold nearly $2 billion worth of cryptocurrency and is willing to sell on exchanges rather than through OTC services, further worsened the mood among investors.
The first target objective is a rally to