Bitcoin Pauses to Catch Its Breath After a Four-Day Run to $7,827
After the crypto market saw Bitcoin surge over $1,200 during a four-day run that resulted in the price reaching $7,827 on November 29, Bitcoin decided to pause to catch its breath on November 30.
According to CryptoCompare, at the time of writing (around 18:02 UTC on November 30), Bitcoin is trading at $7,524, down just over 2.5% in the past 24-hour period:
Perhaps, this is a case of Bitcoin investors taking a break after the Black Friday shopping spree during which demand took the Bitcoin price from $6,575 at 05:00 UTC on November 25 to $7,827 at 15:00 on November 29.
Or maybe Bitcoin is down today is due to the slight nervousness and uncertainty in the crypto market as the result of the announcement on Friday (around 18:17 UTC) by the office of Geoffrey S. Berman, the United States Attorney for the Southern District of New York, regarding the arrest of Virgil Griffith, who works as a research scientist for the Ethereum Foundation.
As for an explanation of Bitcoin’s price action based on technical analysis, crypto analyst/trader Josh Rager had this to say earlier today:
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