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Bitcoin Rally Falters as Price Drops Below $16K
The cryptocurrency dropped as low as $15,750, having hit highs over $16,300 in the Asian trading hours.
Bitcoin's price quickly dropped below $16,000 Saturday morning, putting the rapid rally seen in recent weeks on pause.
STORY CONTINUES BELOW
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- Around 10:00 UTC, the cryptocurrency dropped as low as $15,750, having hit highs over $16,300 in the Asian trading hours.
- As reported earlier this week, analysts had been expecting bitcoin to move into consolidation for a time, and possible to see a pullback.
- That's because the rally from $9,800 to over $16,000 over the past two months looked overstretched on the technical charts.
- They anticipated, however, that the run toward bitcoin's record high of around $20,000 would pick up the pace again, likely in December.
- The bitcoin options market is also extremely bullish longer term, as data showed Thursday that net demand for call options (bullish bets) was outstripping net demand for puts (bearish bets) by the highest level on record.
- At press time, bitcoin prices had risen slightly to $15,860, down 2.87% over 24 hours.
Also read: $300M in Bitcoin Flow to Binance From Huobi as China Gets Tougher on Exchanges
Daniel Palmer
Previously one of CoinDesk's longest-tenured contributors, and now one of our news editors, Daniel has authored over 750 stories for the site. When not writing or editing, he likes to make ceramics.
Daniel holds small amounts of BTC and ETH (See: Editorial Policy).
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