After days of incredible resilience to recover from pullbacks and make renewed attempts to overcome a major resistance point at USD 8,000, Bitcoin bulls finally relented in trading today, with the Asian market unable to overcome selling pressure from the rest of the world.
Only one major push happened throughout yesterday, when Bitcoin price was just shy of the marker at USD 7,993 (CoinDesk), but by the time Asian markets woke up, the slide towards its current levels at USD 7,645 (7:05am UTC) had already begun.
The positivism has not died out yet, however, as trading volumes also suggest that sellers do not have the strength to continue the trend significantly, and buying momentum could just be gearing in as short-term scalpers continue to look for fast entry points below USD 8,000. All the same, the USD 9,000 target does seem to have been postponed for the time being.
On social media, some are taking out their frustrations on the US Securities and Exchange Commission (SEC), who further delayed the decisions on Bitcoin ETFs. Most don’t take this to be legitimate, however, as that action had been fully expected as only the latest in a series of rejections and postponements on decisions by the regulatory body. Others are blaming major banks like JP Morgan for putting out “disinformation”, with the intent to push prices down to present new buying opportunities.
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