Exchange Rate: Bitcoin Price and Trading Forecast for Oct 8
The last couple of weeks have seen the Bitcoin drop in value against the USD and at the beginning of this week it had reached a low of $296.74. However, the price has been recovering in the past few days and was back above £320 on Tuesday.
The BTC dropped in value over the weekend amid bearish chart signals and concerns about regulation of the virtual currency. However, there wasn’t any obvious trigger of the drop and many analysts believe that it was due to manipulation by short-term profiteers who deliberately drive prices down and then buy them back at lows.
While the price has been recovering, the dollar is also gaining in strength and is expected to make further gains this week. Therefore the BTC/USD exchange should remain fairly steady. However, there is a good chance the BTC will strengthen against other currencies such as the EUR.