Bitcoin Is Being Heavily Sold, but That Might Not Be a Bad Thing
The platform experienced a very dismal opening weekend, trading less than 75 bitcoin futures contracts within the first two days of business, and as a result, bitcoin’s price suffered heavily, dropping from about $9,500 to just over $8,100 in a matter of minutes. Bitcoin exploded back into the mid-$8,000 region from there, but it later jumped back to $10,000 (briefly) after Bakkt experienced a sudden surge of business that saw it trading millions in bitcoin contracts.
Technical charts suggest that bitcoin is still being sold off in droves, and many enthusiasts are running out of patience as of late when it comes to holding their crypto. Chances are, they want to cut their losses short and sell off their stashes before any more bearish behavior can take place, but the charts do suggest that we’re likely to see even more trading as bitcoin continues to incur losses, which could ultimately reverse the bear process by providing bitcoin with further activity.