Crypto Daily – The price suffered a 9% reversal, equivalent to around $9,000, after it came within touching distance of the $100,000 price level. It now appears this reversal could be over, and Bitcoin bulls look to be taking charge again. Can this fight-back achieve an all-time high?
This last reversal only took four days to play out, but did succeed in lopping off more than $9,000 from the top. As Bitcoin climbs towards that magical figure of $100,000, it may take more than a couple of runs at it before this level breaks. In addition, volatility is likely to be high.
Long term holders selling or technical indications responsible for dip?
As Bitcoin starts tracking upwards again, many across social media are blaming the Bitcoin long term holders for this latest reversal. This could partly be the case, but from a technical perspective indicators were signalling that it was time for some kind of retrace. That the long term holders were selling into this top would…
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