Bitcoin price took a wild swing just hours ago as London trading had yet to begin, registering a daily and weekly high at USD 8,796 at almost exactly 6:00 am London (CoinDesk). Minutes later, however, it dropped suddenly to a daily low, and has now been dipping ever lower, as price now trades three hours later at USD 8,344.

What caused this sudden and unexplained drop may not really be more than simple profit taking in Central Europe, although the sudden climb is less than logical. Could it have simply been a failed attempt by buyers to attempt a climb for USD 9,000 and form a breakout pattern? As we have been saying for weeks now, these will all likely fail if they cannot be achieved at volume and momentum. For now, momentum is there, but without the proper volume to back it up, heavy falls, corrections and retracements are bound to continue, as they have been today.

One wonders though if Asian markets have been buying up Bitcoin, especially since the riots and protests have been going on and in fact, escalating.

Morgan Creek Digital co-founder Anthony Pompliano notes, as others have before that Bitcoin presents one of the few currencies repressed citizens can look to store value in, when other assets are either unstable or are being monitored by states.

Bitcoin is different things to different people.

When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive.

This aspect of Bitcoin just became important for 1+ billion people in India & Hong Kong. pic.twitter.com/nLLaUlRpBz

— Pomp