So after a little bit of fear yesterday, bitcoin price is now up about $2 and is hovering at the $237 mark.
Previously we mentioned that bitcoin price would likely increase sporadically bit by bit, but that a regular period of dropping was likely here and there. Yesterday, we received a challenge to those words when bitcoin price dropped about $10 overnight, a bit more than we might have expected. Upon seeing that, the original notion was questioned and we began to think if maybe hype surrounding the US Marshals auction set for March 5th was beginning to die down earlier than expected.
But even then, it’s possible we may have spoken too quickly, because now with this $2 raise, what we are witnessing is no different from what we were witnessing a week ago. For every small raise, bitcoin would also encounter an equal drop every now and then. It would rise by about $10 then drop a few dollars, only to climb its way back up again and possibly even reach a somewhat higher point. Then it would mildly drop again before crawling back to where it was.
Now it just seems like the pattern is continuing. Hype hasn’t necessarily died down. The price of bitcoin is not necessarily suffering or struggling the way that it was back in January when it dropped to well below $200. We are simply seeing a continuation of last week’s pattern, most likely. We can’t say for sure, but that’s what it looks like for the time being, so people shouldn’t get too upset right away. It’s important that we view the price for the remainder of the week, for any fluctuations we may pick up during the next few days will give us insight as to whether or not the pattern is, indeed, continuing, and if it is, all the more reason to stay calm.
