Bitcoin is witnessing a technical correction a day after printing the biggest one-day trading range since January 2018.
The leading cryptocurrency by market value is currently trading at $11,780, representing a 15 percent drop from the 17-month high of $13,880 hit on Wednesday.
The double-digit pullback has come after a near 90-degree price rise from $7,500 to $13,800 in the 17 days to June 26 and looks like nothing more than a technical correction.
After all, indicators were flashing extremely overbought conditions 24-hours ago. For instance, the widely tracked 14-week relative strength index was hovering at levels last seen in January 2018, as discussed yesterday.
However, despite the pullback, BTC is still up 183 percent on a quarter-to-date basis, its best three-month performance since the final quarter of 2017.
What’s even more notable is that the magnitude of the daily price moves is reminiscent of the cryptocurrency market frenzy of January 2018.