Healthy Correction? Bitcoin Prices Retreat to $1,700 Range

Bitcoin prices suffered what analysts largely called a correction today, falling nearly $100 to a low of $1,650, almost 7% below the opening price.

The price of bitcoin suffered this fallback after nearly doubling in less than two months, according to data from the CoinDesk Bitcoin Price Index (BPI). Amid the strong interest from investors, bitcoin prices reached all-time high of $1,848.75 on 11th May, but since then, they’ve fallen more than 10%.

In response, several analysts weighed in on this decline, though most said it was to be expected given the recent run of gains.

“The price is pulling back after spectacular rises,” said Charles Hayer, co-founder and CEO of CryptoCompare. “A correction is in play.”

While bitcoin’s price has retreated somewhat, more than one analyst described this as simply being a “healthy” correction.

“Prices can’t keep going up and not correct,” said Harry Yeh, managing partner of Binary Financial. Petar Zivkovski, COO of Whaleclub, offered similar sentiment, calling the activity a “healthy correction” in response to an upswell of recent type.

However, Zivkovski added that cryptocurrencies could face further declines.

“The price has not made it below recent daily lows. If it does, more downside is to be

Read more ... source: CoinDesk

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