Bitcoin trades down 3.2%, or $28, near $877 per coin as of 8:34
a.m. ET. The cryptocurrency raced above $915 late Tuesday
night but struggle to take out resistance in the $880/$920
Bitcoin has had a
volatile start to the year after gaining 120% in 2016, making
world’s top performing currency for a second straight year.
It raced to a gain of more than 20% in the opening days of 2017
before rumblings that China was going to
crackdown on trading began to surface.
Then, nearly a week later, China announced it had
investigating bitcoin exchanges in Beijing
and Shanghai on suspicion of market manipulation, money
laundering, unauthorized financing, and other issues. When the
dust settled bitcoin had lost 35% of its value in a
handful of days. The price bottomed out after finding
support in the $750/$800 area and has managed to fight its way
back to the current resistance level.