The dinbits index shows a record index of $1158.95 yesterday, January 5th, which beats the previous high of $1137 set back in December of 2013 by quite a bit. This coming after a 2016 of rising from $400 nearly $1000 before bringing in the new year over $1000 on January 1st.
Here comes the profit takingMany investing decided to take profit, and who can blame them since some have been waiting a long time for this peak to arrive again. The volume saw profit takers cashing in and as expected with any large profit take, the price dipped back below $900 hitting a low of $864.66 on the dinbits index.
Short lived was the dip, after profit taking buyers jumped right back in or and bitcoin rose to price ranges of a couple days ago ending at $982.37.
Going LongThe volatility great for shorts is likely going to be short lived so enjoy it while you can, we'll like see some continued rises and profit takes in the upcoming days as things quiet down. Unfortunately this isn't the old bitcoin anymore, its much more stable and dips or rises like today are not as frequent as they once were. Once upon a time bitcoin was a day traders dream and you could ride the volatility up and down all day long making a pretty penny on the peaks and valleys.
These days, bitcoin has been remarkably stable leaving days like today a rarity but there is likely going to be a few more opportunities to get the digital asset while it's under $1000.
Bitcoin is currently at $940. Get on it.
Report by dinbits
Image by dinbits.com staff