Bitcoin on the way down?
I woke up this morning and opened my phone to a Facebook message from a friend that simply said "LOL Bitcoin". I immediately hopped onto my computer to see what happened in Bitcoin world whilst I was asleep.
I most definitely did not expect what I saw.
Blood, and lots of it.
Now Bitcoin has had a pretty bloody week. I mean, ever since that steep drop from 11700 on the 6th, it had been steadily falling, and in fact the same had applied yesterday morning, but this one seemed especially immense. Maybe because there had already a steady fall since the other day and that even more of it just seemed impossible.
(Nothing is ever impossible in Bitcoin world. Heed these words wisely).
What's happening?
If anything, I believe these drops are actually what's meant to be happening. We entered a bear market and made some pretty serious drops, and the expected bounce off that 6k drop should have been a little shy of 10k. Everything looked like it was going well, but then the price started to climb a little more. Even I was starting to get concerned because I'd been shorting from about 9k. I didn't need to see this longing happening!
However, Bitcoin looked like it got bored of that and came back under 10k for a bit, but then went right back up! What was happening? Were we suddenly returning to the bull mode that everyone had been secretly hoping for? News articles started posting content as though Bitcoin was finally ready to come back to high levels and that investor hope was rising again. It had been pretty bleak sub-10k, so maybe everything was going to be alright?
But no, that second wind was cut off clean with a very sharp knife and the price has been tumbling downward ever since then.
I guess the bears hadn't finished playing yet...