Bitcoin (BTC) briefly rose above $70,000 U.S. over the weekend but failed to stay above that key support threshold as cryptocurrency volatility persists.
In early trading on Feb. 9, Bitcoin was trading at $69,125 U.S. after backsliding about 3%. In recent days, BTC has fallen as low as $60,000 U.S. as big price swings continue.
Bitcoin and other cryptocurrencies trade around the clock – 24 hours a day, seven days a week.
On Feb. 5, Bitcoin fell 15% only to rebound 11% on Feb. 6. At its trough, Bitcoin was down more than 50% from its record high of $126,000 U.S. reached in early October of last year.
Analysts say that $70,000 U.S. is a critical support level for Bitcoin and important to the largest cryptocurrency’s near-term prospects.
Failure to stay above the $70,000 U.S. threshold is almost certain to signal further downside ahead for BTC, say analysts.
One firm, 10X Research, is now forecasting that Bitcoin will fall as low as $50,000 U.S. Other analysts see a decline to $50,000 U.S. as possible in coming weeks.
The entire cryptocurrency market continues to selloff as investors’ risk appetite fades and they seek safety in blue-chip stocks and precious metals such as gold.
