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Bit-comment: Crypto-bears upper hand

Bitcoin starts the week near $8800; these levels are below the 50-day average, where the first cryptocurrency failed on Friday. Staying at this mark makes us cautious about the immediate prospects of Bitcoin. It is noteworthy that over the previous week, the course was unable to develop a growth impulse, climbing above this level. This decline may be evidence of the predominance of bears.

The battle was decisive as opposed to cryptocurrency.

On November 8, Bitcoin fell under $9000 price line on the high trading volumes. According to Skew, on Friday, the positions on $109.1 million were liquidated on the BitMEX exchange. The number of monthly futures traded on Bakkt was updated in 1741.

Meanwhile, David Hinrikus, the CEO of payment system TransferWise, made a loud statement that “we can talk about the death of bitcoin: it is not in demand, and no one uses it.”

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The FxPro Analyst Team


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