Bitcoin is soaring
Bitcoin trades up 6% at $882 per coin as of 7:23 a.m. ET. Tuesday's bid has cryptocurrency 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 between January 5 and January 11, falling from a high of $1,161 per coin to a low of $752 per coin.
But trade has shown signs of at least trying to put in a bottom over the past couple of sessions. The cryptocurrency 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 resistance at the $900 level.
