$11,700 The Target To Beat
Data from Bitstamp showed a sudden $500 dip over three hours, taking Bitcoin from around $10,300 to current lows of $9677.
Having traded as high as $11,762 this week, markets appeared to encounter a lack of support closer to $12,000 Wednesday, creating a rapid drop and reversing gains which began around February 17.
“We’re seeing some weakness; this is not good,” analyst Tone Vays told viewers during a Bitcoin weekly chart performance analysis Thursday.
— Tone Vays [#Bitcoin] (@ToneVays) February 22, 2018
Others mirrored the sentiment behind a temporary fresh downturn, with the altcoin trader known on Twitter as Squeeze forecasting that “bears are likely to take over for a few days.”
Bitcoin’s turbulence continues to have a more profound effect on altcoin markets. A glance at the top 50 assets tracked by Coinmarketcap shows declines in line with Bitcoin but around 30% steeper in the past 24 hours…