Bitcoin drops 5% overnight as bullish run tapers

bitcoin

The world’s largest cryptocurrency, Bitcoin has been getting a bloody nose in the last 24 hours raising worries that its bullish run could have run out of steam.

According to real-time trading prices monitored on the Luno exchange, Bitcoin declined by 4.63% to as low as $10,857 and as high as $11,907 within the last 24 hours.

This is a major blow giving the three weeks of bullish run that saw Bitcoin went as high as $13,821. However, looking at the lowest ebb of the digital currency estimated at $7,526, the world’s most traded digital currency still needs to be cut some slack.

Renowned Bitcoin trader, Josh Rager said BTC is still ‘bullish’.

Analysts at CoinDesk noted that BTC “was looking primed for a rally to key resistance at $12,448 yesterday. Instead, prices topped out at $12,061 and fell back to $11,800 earlier today, charting a bearish lower-high pattern.”

“As a result, a high-volume break above $12,061 is needed to revive the bullish view.”

However, fears of a bearish race is still very much possible. CoinDesk analyst said a drop to $10,830 would shift risk in favor of a drop to Tuesday’s low of $9,614.

Other Altcoins such has Ethereum have also seen a major drop in prices. While Ether has gained about 18% in the last four weeks, the digital currency powering decentralized applications has dropped from a month-high of $384 to $236. However, as at the time of writing this article, Ether is about $294 on Luno exchange.