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Bitcoin price TODAY: Bitcoin price to watch out for after 17 day highs | Personal Finance | Finance

The cryptocurrency has pulled back from 17-day highs reached over the weekend and risks losing bullish bias should prices close below $6,600 (£5,029.03) say Coin Desk.

Bullish bias is a term which describes when the majority of investors view the broader market as being in an uptrend.

Below that price, it will be increasingly harder to force an upside breakout above what has been resistance at $6,970 (£5,310.97).

However, should prices hold at around $6,600 within the next 24-hours, it may be achievable.

Sharp gains and increased bids were seen on Friday, which could be due to growing investor interest in XRP and alternative currencies say cryptocurrency experts Coin Desk.

Prices surged past $6,600 for Bitcoin in what was a double bottom bullish reversal, where the pricing charts showed two troughs with a significant peak in between.

However, the altcoin surge declined towards the end of the weekend.

One such example was XRP, which had been showing a 75 percent gain at $0.77 (£0.59) on Friday, dropped back to $0.50 (£0.38) and could potentially drop even further.

Similarly, aurora and monacoin which had made significant increases over the weekend dropped again.

Bitcoin itself was cut at a 17-day high of $6,841 (£5,212.67) on Saturday.

At the time of writing the BTC was trading at $6,607.18 (£5,034.51) which was 1.4 percent lower than the days high of $6,719.26 (£5,119.91).

The cryptocurrency has had a chaotic year, dripping below $6,000 (£4588.80) in August, the lowest it has been for the entirety of 2018.

Bitcoin has lost over half of its value since the beginning of 2018.

The currency was trading at $14,112 (£10,745) in January.

Cryptocurrency boss Michael Novogratz said: “Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value.

“I think institutions are moving towards investing. It’s shocking how much has happened.”

Mr Novogratz was asked by Fox News when investors will gain interest in bitcoin.

He said: “It’s happening right now. If there are four big kinds of buckets I think about.”

He added: “Goldman Sachs has announced they are on their way with custody. They haven’t given us a date yet but I am hearing it is close.

“Lots of custody solutions are coming. So I bet by year-end institutions will have not just one but two or three good custody solutions that they have heard of.

“Two is indexes, we came up with the Bloomberg Galaxy crypto index. There is a bunch of different indexes that people can benchmark.”

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