Bitcoin (BTC) returned to trading near $29,000 on April 27 after fears over alleged Mt. Gox and US government transactions subsided. The volatility had caused the cryptocurrency to initially drop 7% before recovering to $29,500 and then consolidating. Traders are cautious about short-term price movements, with Crypto Tony waiting for further cues before entering the market and Muro focusing on $29,500 as the make-or-break zone for Bitcoin. Analysts are urging investors to filter out short-timeframe volatility and focus on the bigger picture. Monitoring resource Coinglass showed the extent of the panic among market participants during the recent BTC price downmove.
(By WILLIAM SUBERG)
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