Bitcoin price is witnessing a sell-off after long-anticipated bullish news hits the market.<\/p>\n
Bitcoin price is currently down 2% since the weekend, which brings the total decline for the month of October to 5% in lost market value. The bears have been flexed and persistent in pushing the price lower, although a ricocheting-rebound effect can be seen within the price action, which suggests the downtrend may be weakening.<\/p>\n
Bitcoin price currently auctions at $19,190. The bears have successfully breached the 8-day exponential and 21-day simple moving averages. The bears are producing steep engulfing candles like the initial Monday morning candle that breached support from the Relative Strength Index,<\/p>\n<\/p>\n
BTC-USDT 30 Min Chart<\/p>\n
Bitcoins bearish market conditions come at an interesting time in the market. Over the weekend, FTX Exchange announced they would release a Bitcoin Visa card. According to FTX, the crypto-backed debit card would be rolled out globally in over 40 countries, including many in Latin America.<\/p>\n
As the news solidifies the worldwide adoption nuances for crypto enthusiasts, the technicals surprisingly do not match. If Market conditions persist, a fall into $18,900 support levels will be a likely occurrence.<\/p>\n
Investors with a long-term outlook should consider a dollar cost average approach near the current levels as Bitcoin is known for notoriously producing V-shaped recovery after sharp-sell-offs. The macro-outlook maintains Bitcoin's bullish interpretation so long as $13,880 does not get tagged.<\/p>\n
For more information on the macro interpretation, please consider reading:<\/p>\n
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: Who will catch the falling knife?<\/p>\n<\/p>\n
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team<\/p>\n<\/p>\n
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Go here to read the rest: Bitcoin price is witnessing a sell-off after long-anticipated bullish news hits the market. Bitcoin price is currently down 2% since the weekend, which brings the total decline for the month of October to 5% in lost market value. The bears have been flexed and persistent in pushing the price lower, although a ricocheting-rebound effect can be seen within the price action, which suggests the downtrend may be weakening. Continue reading
\nAre the new Bitcoin Visa debit cards a sell-the-news event? - FXStreet<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"