Bitcoin Seems To Be Recovering With The Price Trying To Break The $10,000 Milestone
Bitcoin recently made headlines after its price tanked steeply from above 15,000 all the way to around $6,000, leading to fears that the cryptocurrency was on the verge of a complete collapse. However, its price seems to be making a recovery following the performance over the past few days with the price just a few points shy of $10,000.
Bitcoin’s price adopted a bearish trend for the better part of January but the trend seems to have come to an end on February 6 at just below $6,000 which marked the lowest point for the cryptocurrency in the past 90 days. The poor performance came amid reports that various countries including China were banning cryptocurrency trading and mining while others were considering regulations against cryptocurrency.
The price of Bitcoin was at $9,917.36 at the time of this press meaning the price has recovered by more than 50 percent since its low of just below $6,000 on February 6. The recovering price eliminates fears that the price of the cryptocurrency was going to tank even further. The improving price performance of the cryptocurrency further defies the negative reports and comments about bitcoin over the past two months. This is impressive considering that the price is recovering amid all the factors that should be pulling down the price. High ranking officials have even described Bitcoin as a Ponzi scheme.
Many regulatory bodies especially in Europe, Asia, and the U.S have made it clear that they do not plan to accept cryptocurrency anytime soon. Numerous banks have also announced that they will no longer accept the use of credit cards for cryptocurrency transactions. The performance of Bitcoin almost always affects other cryptocurrencies. Litecoin has also been experiencing a significantly improved price and so have other altcoins such as Ripple, Stellar, and Neo.
The current recovery of Bitcoin’s price has raised numerous questions about the cryptocurrency and one of them is whether the price will go higher. Cryptocurrency performance is incredibly difficult to predict but the latest performance could be due to the fact that a lot of people bought when the price was low and they have continued buying and as a result, the price is being driven up. It is not clear whether the price will break beyond the current all-time-high of almost $20,000. As pointed out earlier, it is difficult to determine which direction the price will take and it might even end up going down further. Only time will tell in this case.