2016/11/08 8:00 AM

Crypto enthusiasts encountered a bit of a scare a few days ago when the bitcoin price substantially fell after several weeks on the rise. After days of hinting at a potential jump to $800, the price suddenly plummeted to about $677 before finally settling in around $705.

Also read: Bitcoin Price Drops 8% Amid China Rumors, Who’s to Blame?

Bitcoin Price Recovering From the Drop, but Are the Bears Even Done Yet?

bear marketOne source describes the action in detail:

“There was a minor dip this past week, and then the price spiked higher. During the upside move, the price broke the 61.8 percent Fib retracement level of the last wave from the $625 low to $725 high to open the doors for an upside move. The BTC/USD pair even broke the last high to trade above the $750 level. However, the BTC sellers appeared around $760 and pushed the pair down. There was a downside move, taking the price back towards the $700 level.”

A $40 drop is…

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