What is bullish for some is bearish for others. Bakkt’s physically-settled bitcoin futures contracts continue to gather momentum but the asset itself has retreated back below $9,000 as the bears get back in the game.
Bitcoin Price Falls Through Support
Following a fortnight of range-bound trading in the mid-$9,000 zones, the anticipated downward move has finally arrived. In two swift moves a few hours ago, bitcoin price dumped through support to bounce off the $8,650 level before recovering back to the $8,800 mark where it currently trades according to Tradingview.com.
Bearish sentiment had been gathering all week as BTC weakened further and showed no signs of being able to break through resistance. A buildup of outflow from crypto exchanges coupled with bearish on-chain metrics as reported by Bitcoinist would only result in one outcome.
Serial bitcoin basher Peter Schiff couldn’t wait to share his glee at the 4% slide
“It looks like the #Bitcoin pump is finally over. Get ready for the dump! … Keep dreaming. Bitcoin is never going to hit $100,000!”
It looks like the #Bitcoin pump is finally over. Get ready for