What is bullish for some is bearish for others. Bakkt’s physically-settled bitcoin futures contracts continue to gather momentum but the asset itself has retreated back below $9,000 as the bears get back in the game.
Bitcoin Price Falls Through Support
Following a fortnight of range-bound trading in the mid-$9,000 zones, the anticipated downward move has finally arrived. In two swift moves a few hours ago, bitcoin price dumped through support to bounce off the $8,650 level before recovering back to the $8,800 mark where it currently trades according to Tradingview.com.
Bearish sentiment had been gathering all week as BTC weakened further and showed no signs of being able to break through resistance. A buildup of outflow from crypto exchanges coupled with bearish on-chain metrics as reported by Bitcoinist would only result in one outcome.
Serial bitcoin basher Peter Schiff couldn’t wait to share his glee at the 4% slide
“It looks like the #Bitcoin pump is finally over. Get ready for the dump! … Keep dreaming. Bitcoin is never going to hit $100,000!”
It looks like the #Bitcoin pump is finally over. Get ready for the dump!
— Peter Schiff (@PeterSchiff) November 8, 2019
It appears the gold bug has got out of the wrong side of the bed again as his own precious metal has also dumped this week following an easing of trade tensions between China and the US. The geopolitical development may have weakened the safe haven narrative slightly as both bitcoin and gold have slid this week.
There was of course no shortage of amusing responses to the bitcoin bear;