[2018-1-4]Down But Not Out: Bitcoin Holds Onto Bullish Territory

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Bitcoin has come under pressure today amid sharp gains in alternative currencies, but the charts are showing no signs of panic.

Having clocked a high of $15,394.99 at 02:14 UTC today, CoinDesk's Bitcoin Price Index fell to an intraday low of $14,225.17 at 09:14 UTC. At press time, bitcoin was trading at $14,500 levels. Quite clearly, the 2 percent depreciation in the value shown by data source CoinMarketCap is largely due to the decline seen between 02:14 UTC and 09:14 UTC.

Meanwhile, cheaper alternative currencies are strongly bid. For instance, Ripple's XRP token has set a new all-time high of $3, having appreciated by a hefty 31.63 percent in the last 24 hours. Furthermore, prices of cardano (ADA) and stellar have jumped at least 20 percent each, while NEM (XEM) has appreciated by 46 percent.

An argument could be put forward that investors are using the BTC to accumulate alternative currencies, given the sharp gains in the XRP/BTC, ADA/BTC and XEM/BTC pairs.

Amid what some are calling an "altcoin bubble," it remains to be seen whether money will pour back into BTC once the valuations of the alternative currencies start to look overstretched.

Currently, the charts suggest BTC is down but not out and is holding onto bullish territory.

Source: https://www.coindesk.com/not-bitcoin-holds-onto-bullish-territory/

[BitHodler]

No need to panic. I find it a perfect action for the market to consolidate properly. It's impossible to keep increasing further endlessly, which at the same time wouldn't be healthy and sustainable at all.

People like some stability, well, here we have it. It's not entirely stable in the extreme short term, but over a period of almost two weeks, we have managed to stay very close to the $14,000 mark, which is a pretty decent achievement.

I rather have a consolidating market than seeing the price fall down because people start losing hope regarding a further increase. People will only see what they miss out on once they know it's not there anymore.

Current levels look boring, but they will look great once we fall back to $12,000 again, so be happy with what we have.