Bitcoin Price Correction Continues as $13,800 Becomes Key to Further Gains

Altcoins suffer as BTC/USD regresses from highs of $13,800, which now becomes a key level for more gains.

Bitcoin (BTC) was heading back towards $12,000 on June 27 as crypto industry businesses report record activity across the board.

Data from Coin360 showed the bitcoin price coming off its local highs at $13,800 to circle $12,150 as of press time Thursday. 

BTC/USD saw significant volatility over the past 24 hours, abruptly dropping to as low as $11,945 due to problems with major exchange Coinbase before bouncing back above the $12,000 mark. 

The $13,800 level, charts now suggest, forms an important barrier to further gains. In all its history, bitcoin has never managed a monthly close above that level. Therefore, it will be an important test for BTC price as the month of June is now coming to an end. 

Bitcoin 7-day price chart. Source: Coin360

While opinions remain mixed as to how high bitcoin will go before tempering its giant bull run, businesses are celebrating, with all-time high figures continuing to emerge. 

On Wednesday, it was asset manager Grayscale which led the successes, its total assets under management passing $3 billion in value. 

The Grayscale Bitcoin Investment Trust (GBTC) additionally passed an implied bitcoin price of $17,000, meaning investors are currently paying around a 40% premium. As Cointelegraph reported, such behavior underlines institutional investor interest in the space. 

Other records came from BitMEX, the bitcoin derivatives giant, which achieved 24-hour volumes of $16 billion across its products. 

On cryptocurrency markets themselves, the so-called ‘Real 10 Index,’ a reading of genuine exchange volumes created by data aggregator Messari, gave 24-hour bitcoin volumes of over $5.5 billion. 

For altcoins, momentum appeared to gather pace after most tokens put in lackluster performance this week. 

As speculation mounts of an altcoin resurgence to match bitcoin, ethereum (ETH) topped $350 before correcting to $320. 

Ether 7-day price chart. Source: Coin360

Bitcoin’s own downturn nonetheless hit markets hard, with many of the top twenty cryptocurrencies by market cap suffering double-figure losses Thursday.

Bottom of the pile were litecoin (LTC) and bitcoin SV (BSV), both of which shed close to 12%.

from Cointelegraph.com News https://ift.tt/2LqetEL