Baxia Markets
October 29, 2021

Bitcoin recovers from recent profit-taking dip, heading up again

fundamental analysis top header -01


Bitcoin plummeted to its lowest level in nearly two weeks on Wednesday, extending losses from a record high last week to approximately 12% - though the digital currency is still on course to have its best month since February. Bitcoin, the world's most popular cryptocurrency, plummeted 3.7 percent to $58,100, its lowest level since October 15. Since hitting an all-time high of $67,016 on Oct. 20, it has dropped 12.1 percent.




Bitcoin's losses were caused by traders profiting from the cryptocurrency's recent gain, according to Tony Sycamore, an analyst at City Index. So far this month, the digital currency has gained about 35%, which, if sustained, would be its best performance in eight months. Bitcoin is in a "short-term decline," according to Du Jun, co-founder of Huobi Group, a prominent crypto exchange operator, who added that additional falls may be constrained due to low trading volumes.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. 

Subscribe by Email