Bitcoin is soaring

17.01.2017 / 20:35

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Bitcoin trades up 8.4%, or $70, at $903 a coin as of 12:54 p.m. ET. Tuesday's bid has the crypto-currency higher for a fourth straight session as it continues to rebound from the sharp sell-off that occurred earlier in January following news that China began an investigation into Bitcoin Exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorized financing, and other issues.

Bitcoin lost about 35% of its value during the selling that took place from January 5 to January 11, falling from a high of $1,161 a coin to a low of $752 a coin.

But trade has shown signs of at least trying to put in a bottom over the past couple of sessions. The crypto-currency has established a series of lower lows and higher highs over each of the past four days and looks to have built up some near-term support in the $800 area. Traders are watching for resistance near the current level.

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Bitcoin is soaring

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