The bulls were stampeding in the final months of 2017. The month of December saw Bitcoin approach $20,000. The following month of January saw a correction of epic proportions concluding in February when BTC dipped under $6,000. This was a percentage decrease of over 70% from BTC’s December highs to their February lows. The bears seemed to have taken full control of the market back from the bulls.
February through the beginning of March saw the bulls build some momentum with BTC building significant steam following the Chinese New Year. This was a short-lived rebound with BTC going from its February lows of under $6,000 to a March 5, 2018, high of $11,600.
By March 9, 2018, Bitcoin was back to under $8,400 and it seemed the bears had regained full control. Today, March 15, 2018, BTC resides at a price of $8,200, only slightly lower than where it was exactly a week ago.
The most important questions to ask are: What events are currently impacting Bitcoin and where is it likely to go in value from here?
The last ten days have been filled with multiple negative news events that continue to drive down the value of BTC in the short term. Much of this negative sentiment is caused unnecessarily by the light in which articles are written.
Other events are indeed negative, dramatically shifting the total numbers of buy and sell orders on the market. This prior bearish turn in the market has been precipitated by four large events:
These four events all dramatically shifted the price of Bitcoin and the overall cryptocurrency markets downward in the prior ten days.
To read the entire piece regarding the major events impacting BTC this past week feel free to check it out here:
Tomorrow’s main article will be a special highlighting the Top 5 Altcoins of The Week! Some of the coins are exclusively available on either:
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