Bitcoin Price Pares Some loses, but is the cat dead?

The last 24 hours have been somehow a roller coaster ride for the Bitcoin price and the entire market. After diving a little over three percent yesterday, the world's largest cryptocurrency has seen a rapid recovery today.

Fast to recover

Bitcoin price 00 has seen gains of nearly three percent in less than an hour, recovering rapidly after yesterday's decline. The price climbed over $ 200 in minutes after a few in-side actions.

Nevertheless, the first digital currency is still down about 15% in the last four days alone. The price of Bitcoin fell on Thursday as false reports by Goldman Sachs receding on its intention to launch a cryptocurrency desk began to revolve around the media.

In a rather interesting turn of events, however, the investment bank's CFO has denied these reports as "false news" while revealing that they are currently studying a Bitcoin derivative dubbed "undeliverable forewords". ".

The price of bitcoin is currently at a turning point and is heading towards bearish territory, based on the latest BTC price 00 technical analysis.

According to some analysts, bullish sentiment and hope for a recovery on the horizon persist.

The market follows

The chart of the entire cryptocurrency market reveals almost the same pattern of performance for the past 24 hours.

And while the market was able to recover fairly quickly from yesterday's losses, the co-founder of the second 00 maintains that the days of explosive growth are over.

Speaking at an Ethereum and Blockchain conference in Hong Kong, Vitalik Buterin told Bloomberg that:

The space of the blockchain reaches the point where a ceiling is in view. […] If you talk to the average educated person at this point, they have probably heard about the blockchain at least once. There is no longer an opportunity to multiply by 1,000 the growth of everything in space.

A recent online survey found that 71% of Americans had heard of Bitcoin, but only 13% had heard of Ethereum.

At the same time, Ethereum had a difficult month, having lost about 40% of its value over the last thirty days.

What do you think of the current market conditions? Do not hesitate to let us know in the comments below!

Images courtesy of Shutterstock, Coinmarketcap.com