Whether it’s good or bad, Bitcoin formed almost a month-long side price trend. When it comes to the cryptocurrency, this price dynamics is more likely to indicate that a new correction wave is approaching. If one look to the BTCUSD price over the past three months, he or she could see that Bitcoin fought for the $10K threshold from August to September, but now this fight lowered to just $8K.
Each bull’s attempt to break through upwards ends with failure. It seems that investors may need just about a month to accept the new reality, which led to profit-taking and losses and started fresh selloff.
On the other hand, the CME data show that the number of long positions on Bitcoin futures for October increased twofold. While the mood of retail investors deteriorated, professional speculators use this correction to get Bitcoin for lower price.
The FxPro Analyst Team