November 25th, 2018

Bitcoin keeps falling off the cliff

Bitcoin keeps falling off the cliff

November 25th, 2018

Weekly crypto sentiment brain-powered by the most authoritative experts from the trading network.

During the previous week, we’ve dealt with some nasty Twitter accounts’ hacks in an attempt to scam followers out of their bitcoins (amongst affected brands were Google, Target and more) and then the crypto suddenly plummeted from the mid-$6,000s to the mid -$5,000s. The drop was followed by pretty gloomy predictions from the respectful analysts chatting about the further fall to $1,500 levels. Let’s look at what was going on during this week, so far things do not seem to go any better:

  • As Bitcoin is nosediving further, the U.S. Justice Department was trying to figure out if the last year’s rally was due to manipulation, by traders inflating the prices up with freshly minted Tether.
  • Later this week the announcement about very much anticipated Bakkt’s bitcoin futures made the headlines. The launch was postponed to 24th of January, 2019. Kelly Loeffler, company’s CEO explained it with the current “volume of interest” and “work required to get all the pieces in place” in the corporate blog post.
  • And, of course, all week long there were more discussions and guesses (the next is always scarier than the previous one) on where’s bitcoin bottom. Speaking to CNBC, some traders were claiming it’s $3,000. Let’s keep watching.
  • Overall sentiment based on all ideas published on TradingView within the course of the last seven days was as follows: 54% of traders on the platform were bullish, and 46% were bearish. 60% bullish, 40% bearish is the ratio among the top 10 Bitcoin traders.  Slightly more positive compared to the previous week when 54% of top traders were bullish.
  • TradingView user investorgains shared one of the most popular Bitcoin ideas of the week. Since he wasn’t sure if Bitcoin will die or rise, but outlined trading strategies for both long-term and short-term traders. Check the details below or here.