Is BTC undergoing a correction?



With all the rumour of unprecedented spikes in the lead-up to the Oct 25 hard fork, some punters are undoubtedly worried to see that Bitcoin appears to be undergoing somewhat of a price pullback today.

Is this anything to worry about though?  Lets review.

After having rallied over ninety % from a September low of US$2,980, the BTC/USD exchange rate is trading at much higher at US$5,240 today, a figure that, at the time of publishing this article, marks a brand new day low. As per CoinMarketCap, the cryptocurrency has shed more than 7% within the last twenty four hours. Week-on-week, BTC is actually up nearly 10%, while month-on-month it's flashing just under 30% gains.

Nevertheless, with prices having jumped to plus $5,000 levels (the previous all time high) on Oct. twelve, what we're seeing today may be best regarded as an inevitable correction, courtesy of overbought technical indicators.

For instance, need for bitcoin jumped last week, reportedly on speculation that the tough fork in November might benefit customers with the development of new cryptocurrency (as in August when investors were allotted recently created bitcoin cash).

Dip demand during this particular period, in case observed, would add credence to the record rally and suggest that the base in bitcoin has shifted greater to the US$5,000 mark

And so, will the cryptocurrency hold above this mark is the question speculators are asking today?

The price action analysis suggests bitcoin needs to regain the bid momentum quickly to avoid sub $5000 levels.  With the looming hard fork date coming next week and the volume of investors looking to buy extra BTC to take advantage of an equal amount of new currency the outlook is that the momentum might be enough to avoid such a fall.

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The Cryptocurrency Portal: Is BTC undergoing a correction?
Is BTC undergoing a correction?
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