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Bitcoin correction deepens, sees worst week since Trump win
The Bitcoin market pullback has escalated, with the asset extending its losses over the weekend and into this week. As a result, prices are currently down 12% from their all-time high of just above $108,000 on December 17.
During trading in Asia on Monday morning, BTC hit an intraday low of $93,810 before recovering quickly to tap $96,000 before another decline. This loss has resulted in a “bearish engulfing” weekly candle, as reported by crypto analyst “Rekt Capital.”
Bitcoin’s losses have wiped out all the gains made over the past month.
Historically, week eight in Bitcoin price discovery tends to be a corrective week,” said Rekt Capital, providing a comparison with previous market cycles. He also noted that 2017 saw a less severe correction in week nine, but emphasized “once BTC clears the typically corrective weeks 7 and 8 – the retrace gets close to a bottom.”
This is not only Bitcoin’s worst week since Donald Trump won the US presidential election in early November but also its worst week since August.
Experts warn that maintaining the $90,000 level for Bitcoin into the year-end could prevent further liquidations. However, if prices fall below this mark, it may trigger more liquidations.
As we enter the final days of the year, the “low-liquidity environment” could bring about more volatility, according to David Lawant, head of research at crypto prime broker FalconX.
In a separate development, spot Bitcoin ETFs shed almost $950 million on Thursday and Friday as investors were rattled by the market pullback.
Source: cryptopotato.com
