2016/09/10 9:00 AM
Following a spike that brought the bitcoin price beyond the $600 mark, the market temporarily stood at $626 before dropping to $619. A little disappointing, but bitcoin is still better off than where it was just a few weeks ago, and the currency is showing no signs of slowing down in the coming days.
Also read: Bitcoin Price Breakout Leads to $600, More Growth to Come?
Bitcoin Price and Scalability
One analyst writes:
“We got what we were waiting for. Price broke through our predefined resistance level, and – something that we’ve not seen in a while – we got a sustained run-through to take out a profit target almost immediately. This bodes well for today – we will likely see something of a near-term correction as the shorter term speculators book profits on the move, but beyond that we could easily see a return to the upside and another opportunity to get in and out of the markets on a bullish entry.”