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
Market picture The crypto market has lost 3.3% in the last 24 hours to $2.3…
- USDJPY broke key resistance level 155.00 - Likely to rise to resistance level 160.00…
- Ebay reversed from support level 49.35 - Likely to rise to resistance level 52.55…
Even though the Bank of Japan left the key rate and parameters of the QE…
Market picture Market Dynamics: The cryptocurrency market stabilised, losing just 0.1% of capitalisation and dropping to…
- GBPCAD reversed from key support level 1.6910 - Likely to rise to resistance level…
This website uses cookies