Bitcoin retreats after strong gains on profit taking

Bitcoin fell in spot trading today to lose its strong gains for the last two days, on increased profit-taking activity, while some forecasts say that these activity will be short as the bullish market run hasn't end yet, due to several positive news about the crypto market.

As of 09:25 GMT, at Bitstamp, Bitcoin is trading around $10,665, shedding $262, or 2.6%, from the opening of $10,927, with a high of $10,955 and a low of $10,549.

Bitcoin rose by 5.9% yesterday, its second daily gain and the largest since August 5.

The total market cap of cryptocurrencies fell by $2 billion to a total of $277 billion, on increased profit-taking activity dominating most of the market.

While Bitcoin jumped to 1-week high of $10,955 today, but it quickly dropped due to corrections and profit taking activity.

Whilst, according to some market's forecasts, these activity will end soon below the $10,000 barrier, as the bullish market run hasn't achieved its targets yet, amid positive news about the cryptomarket.

According to these forecasts, the next target is $11,000, and then further rise to the higher resistance around $12,000.

Bakkt CEO Kelly Loeffler, announced launch date of the platform at September 23rd, after it got approved in the United States.

Whilst, Binance announced on Monday an open blockchain project called Venus, aimed at helping governments and various companies to launch stable cryptocurrencies around the world.

Binance stated that this project will enable countries to launch their cryptocurrencies and help obtain the required regulatory approvals.