SYDNEY (Reuters) - Bitcoin hovered around $9,600 in volatile trade on Friday, after tumbling about 15 percent from an all-time high hit this week as some investors warned ominously of a bubble and further falls in the stratospheric cryptocurrency.
Bitcoin was down 2.8 percent at $9,612 in early Asian trading on the Luxembourg-based Bitstamp exchange, from a record peak of $11,395 set on Wednesday. On Thursday, it went as low as $9,000..
The latest slide has tempered an astronomical rise in recent months: Bitcoin was up almost 1,100 percent year-to-date on Wednesday. As of 0200 GMT, it was still up around more than 900 percent.
One wealth manager said technical chart analysis was predicting deeper falls.
“A correction could bring bitcoin back to its previous level of chart support of around $7,500. That’s over a 20 percent drop from its current price,” said Shane Chanel, equities and derivatives adviser at ASR Wealth.
READ MOREA positive way to report the current price change in the crypto world. Good thing there are reporters who sees the price this way.
