The topsy-turvy week for digital currencies looks set to continue with most major coins trading higher Thursday, bucking Wednesday’s moves where most digital currencies finished the day in the red. After surrendering the $8,000 level on May 22, the price of bitcoin, the worlds biggest digital currency, has traded in a tight range around $7,500 and the lack of follow-through is a good sign for owners of bitcoin, says one analyst.
“When we have broken key levels we haven’t seen the continuation moves like we did in April with people getting liquidated,” said Mati Greenspan, senior market analyst at etoro. “It seems the leverage positions have been chased out, which means people are buying it because they need it.”
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