Bitcoin has suffered insurmountable losses over the past two days. Roughly 15 percent has wiped away from bitcoin’s value, and at press time, the price stands at about $6,404 – virtually unchanged from yesterday. It wouldn’t be so bad if at the beginning of the week the currency wasn’t trading for approximately $7,300.
Some analysts claim that bitcoin is simply waiting around – treading water while anticipating the next big move from either the bulls or the bears respectively. Jon Pearlstone – head publisher of the newsletter Crypto Patterns – explains: