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Bitcoin Price is at Risk of Further Downside
Bitcoin price continued its strong downtrend this week and is now hovering slightly above the key support at $100,000. The BTC/USD pair was trading at 101,900, much lower than the year-to-date high of 126,500. It is hovering near its lowest level since June this year. Bitcoin has sold off for several reasons. First, it remains under pressure as its demand in the futures market has waned. Data shows that the daily futures open interest has dropped to $63 billion from the October high of $95 billion. Bitcoin has also pulled back as exchange-traded funds (ETF) inflows have slowed dramatically the past few weeks. Data ... (full story)
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