Bitcoin price (BTC/USD) edges higher following drop to near two-week low
“The market has moved a lot in recent weeks so this is just a retracement,” Charles Hayter, co-founder and chief executive officer of CryptoCompare, said, as quoted by Forbes.
This sentiment was echoed by Tim Enneking, managing director of Digital Capital Management.
“The entire crypto trading community has been waiting for a pullback for some time now,” Enneking said. “Most people, including us, are looking for a 25-30% pullback from the high (of about $9,100). So far, we’ve gotten about half that.”
In today’s trading, the Bitcoin price stood at $7,822.60, as of 10:28 BST. The digital coin has lost 1.8% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $138.8 billion, which represents 55.6% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen / Shutterstock.com
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