Bank Sponsored
bitcoin

Darn it, bitcoin! Way to let people down again! Right as you were doing so well, you decide to lose approximately $400 from your price.

Bitcoin Has Shed a Huge Chunk

This morning, the currency is trading for just over $9,000, meaning it has lost about $440 since the weekend. The asset has had a bit of a shaky week no doubt, losing a couple hundred here and there and hovering between the mid to high $9,000 range, but now it appears that the world’s number one digital asset by market cap is edging closer and closer towards the $8,000 section, which could prove disastrous for the bulls.

Many analysts are now unsure of where bitcoin will go next, and some are already predicting that a “monster-sized move” will arrive in the coming weeks. One such analysts – Crypto Birb – on Twitter – explained in a message:

Consolidating for 1.5 months already. This is going to be a monster move for $BTC soon.

But in some individuals’ minds, that “monster-sized move” he discusses could potentially mean that bitcoin will move south and into bearish territory. Charlie Morris – a multi-asset fund manager – announced on social media that there is suddenly a lack of interest in the bitcoin space, and this could potentially bring the asset’s price down into the low $7,000 range, where it was initially trading last April.

It seems like every time the currency edges towards $10K as of late, the pressure becomes too much to handle. Since the halving, the asset has hit the $10,000 mark briefly only twice, and each time, subsequent maneuvers brought the currency down by several hundred dollars or more. The first time around was right before the highly anticipated third halving, which occurred on May 12.

The currency hit the $10K mark for what was only a few hours, as bitcoin could not withstand the pressure of where it was going or what it was doing in that time. A week or so later, the asset was again trading in the high $8,000 range, where it remained for about a week until again inching its way back towards $9,000.

This Just Keeps Happening

The second time was about two weeks ago. The currency struck $10K for again what for felt like an extremely short period. After hitting $10,200, it lost more than $700 and fell towards $9,500. Since that time, the currency appears to have had difficulty in sustaining any sort of momentum and retaining a high position. It has struggled to maintain a spot in the low to mid-$9,000 range and now really appears to have taken a turn for the worse.

According to the Crypto Fear and Greed Index, investors have become very cautious when it comes to BTC and crypto, and should bitcoin have difficulty in maintaining its present position, we may see the asset hit $8,900 again soon.

Tags: , ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.