Bitcoin has, yet again, seen another decline by over 15% in value. But while the move downward is unrelenting, the 78% retracement at $4400 may bring in a fresh round of buyers.
After months and months of consolidation, the yearly support finally broke and now the price of bitcoin has found itself in the lower $5000s for the first time since 2017.
Tether/Bitfinex rumors have caused a massive tether premium to occur and, ultimately, resulted in a large bitcoin price discrepancy across multiple exchanges.
Nobuaki Kobayashi, the trustee of now-defunct Tokyo exchange Mt. Gox, liquidated 24,658 bitcoin and 25,331 bitcoin cash earlier this year, according to an announcement posted on September 25, 2018.
There is a strong argument that the current bitcoin price consolidation is a reaccumulation trading range and could lead to a potential continuation of the uptrend.
Bitcoin's price has managed to hold a higher low for the first time since the beginning of the bear market and is currently seeing a strong rally that has it testing key resistances.
As a Coinbase investor, Ohanian strongly believes that the instability of fiat currencies in economically crippled countries might pave the way for cryptocurrencies such as Dash and Bitcoin.
After a strong round of selling over the course of two weeks plunged the price of bitcoin back to the $6,000s, the cryptocurrency now seems poised for another upward swing.
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