Recovery In Doubt? Bitcoin Price May Not Sustain Rebound Above $6,500

By | November 13, 2017

Bitcoin is in recovery mode today.

As of writing, the bitcoin-U.S. dollar (BTC/USD) exchange rate is at $6,523, having reached a high of $6,559 so far. As per CoinMarketCap, the cryptocurrency has gained 3.54 percent in the last 24 hours. Chart analysis indicates that BTC has retraced 38.2 percent of the sell-off from Nov. 8 high to Nov. 12 low.

Recovery In Doubt? Bitcoin Price May Not Sustain Rebound Above $6,500

Prices hit a 2.5 week low near $5,500 on Sunday – a near 30 percent sell-off from last week’s record highs that was triggered by the suspension of the Segwit2x hard fork, a software upgrade that might have brought a transactional boost for the cryptocurrency.

Investors had reportedly begun moving funds across to bitcoin cash (BCH) following the abandonment of the upgrade, resulting in a rally for the rival cryptocurrency.

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