For two consecutive days, Bitcoins fell late at night. There are many rumors on the Internet, some people say that the exchange joint bankers, institutions, a hanging of retail investors. Others say they are preparing for big organizations to come in one after another. But in any case, retail investors are innocent.
there's a simpler explanation---retail investors hung themselves. have you been seeing all this hype around bakkt leading up to its launch? well once it launched the hype was dead, but everyone was still long on BTC. that creates a situation of strong supply and weak demand. the path of least resistance was down.
i don't think we'll go too much lower.....maybe the low $7ks or a wick into the $6000s at worst. no matter what, there will be a violent rally once we finally bottom out.
I'll take around $6k as the bottom and will have momentum swing after that.
Im even surprised Bakkt hype didnt execute positive results in the market. I left clueless to as why the price continued to go downward, after the massive sell off took place and drag the price down from $10k to $8k real quick.
