2yr Constant Weekly Purchase Average Price.
Even if someone kept buying Bitcoin in equal Rupee amount during the 2017 vertical rally(last 2years i.e. 104 weeks non stop constant purchase), he would still be in profit
BTCINR above 52wk average constant purchase price. Someone putting in Rs 1000 per week in Bitcoin for last 52 weeks(one year) would be in profit right now even in bearish market.
Historically, Bitcoin has spent 80% of time above the 52-week weekly constant purchase price.
Trading was volatile and bitcoin was about 11 percent higher near $7,680 as of 9:36 a.m.The sudden jump forced traders who had bet against the cryptocurrency to buy back into the market.
"Once bitcoin broke higher, shorts were squeezed and forced to cover," said Brian Kelly, CNBC contributor and head of BKCM, which runs a digital assets strategy for...