Bitcoin Price Reaches ATH of $1600 then Retracts over $100

The past few days have been one of the most exciting in Bitcoin markets. Yesterday, the price climbed over $100 in under 24 hours. Today, the price kept climbing all the way to $1600, breaking another mental resistance line.

In our previous article, we discussed how some of the reasons why the price is rising. One theory attributes the bull market to Bitcoin’s recent boom in Japan, another possibility could be the fact that the SEC is reconsidering the ETF application.

At the time of writing Bitcoin’s price is trading at $1530. While this most recent pullback is the largest one we have seen during this rally, that doesn’t necessarily mean that the bull run is over. It does mean that traders should be more careful into buying in since volatility at this point will be exceptionally high. During the writing of the article Bitcoin’s price moved over $40 in both directions.

Disclaimer: This is not trading advice, this article is written for informational purposes only. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.