While Bitcoin easily clocked higher than $9,000 during the weekend, there were certain optimists who considered the same as a long-term revival. However, insider reports and the current market trends reveal that this might just be a small uptick and this cryptocurrency might take some time to pick steam. Moreover, the swinging trend reveals that this might be a good time for the short-term investors.
This cryptocurrency picked some pace and went up to $9,070.64 during the Saturdays before slumping down to $8,000 during Sunday’s trade. The current BPI for Monday reveals that that last price clocked for same was $8,772. The existing trends hint that the Bitcoin premise is bullish for smaller trade values and have appreciated by up to 9.70 percent in a day or two. Based on the current data sources, BTC is on its way up but not in a highly convincing manner. Last week’s low point of $5,947.40 isn’t imminent anymore as we are readily closing in on some sizeable gains at 40 percent.
While this looks more like a sharp recovery for values lower than $6,000, market suggests otherwise. There might be a sharp bottom line in place which would then most of the speculations to rest. For long term valuation, the BTC is still lower than the highest value by up to 39 percent. The falling trend line comes across as a decent indication to what’s coming up for the users.