Categories: Crypto Review

Bit-comment: Bitcoin fight lowered to just $8000

Whether it’s good or bad, Bitcoin formed almost a month-long side price trend. When it comes to the cryptocurrency, this price dynamics is more likely to indicate that a new correction wave is approaching. If one look to the BTCUSD price over the past three months, he or she could see that Bitcoin fought for the $10K threshold from August to September, but now this fight lowered to just $8K.

Each bull’s attempt to break through upwards ends with failure. It seems that investors may need just about a month to accept the new reality, which led to profit-taking and losses and started fresh selloff.

On the other hand, the CME data show that the number of long positions on Bitcoin futures for October increased twofold. While the mood of retail investors deteriorated, professional speculators use this correction to get Bitcoin for lower price.

The FxPro Analyst Team

AddThis Website Tools
The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

GBPUSD Wave Analysis – 18 March 2025

GBPUSD: ⬆️ Buy - GBPUSD reversed from support zone - Likely to rise to resistance…

2 hours ago

GBPAUD Wave Analysis – 18 March 2025

GBPAUD: ⬆️ Buy - GBPAUD reversed from the support zone - Likely to rise to…

2 hours ago

Solana Wave Analysis – 18 March 2025

Solana: ⬇️ Sell - Solana reversed from the resistance zone - Likely to fall to…

4 hours ago

CHFJPY Wave Analysis – 18 March 2025

CHFJPY: ⬆️ Buy - CHFJPY broke resistance zone - Likely to rise to resistance level…

4 hours ago

The crypto market is stuck in the mud

Market Picture The crypto market has been hovering in a narrow range for the past…

8 hours ago

FTSE 100 Wave Analysis – 17 March 2025

FTSE 100: ⬆️ Buy - FTSE 100 reversed from key support level 8425.00 - Likely…

1 day ago