After a long Bullish trend which almost remained for 2 months, finally Bitcoin went into strong trend. Having touched the ATH of $20000 Bitcoin fell by almost $7000 in last 4 days and currently trading at $13000.
Well, this seems very odd, especially after the CME Futures Trading Initiation. Basically, CME is an exchange for Institutional Traders and Billions of dollars are being traded every day in there. Whenever Institutional Money flows, it tries to control things and that exactly happened with Bitcoin.
CME each futures contract holds 5 Bitcoin and if a group of Investors have 'shorted' Bitcoin on CME, then BTC would definitely fall irrespective of buying pressures from small Retail traders/investors.
Following this Bitcoin downtrend, Market capitalisation fell under $500 Billion and Bitcoin capitalisation is under $225 Billion.
Let's have a look at Bitcoin's Latest Chart:
In above chart, you can clearly see that Bitcoin has fallen below every strong strong resistance level and right trading at $13500 as per Coinbase Exchange.
If this panic sell maintains with same severity, we could see the next strong support at psychological level of $10000.
A lot of market experts signaled this situation at the time of Strong Bullish uptrend but people never believed them but again this correction was somewhat necessary for Bitcoin to go long in near future. That's how market moves and always will.
I would recommend all traders to use tight stop loss while initiating any trade for a safe trading.
Thanks for reading ...!!
Follow Us On Discord and Become a part of ADSactly.