Breaking: Bitcoin dumps below a major support level

Cryptocurrency sentiment has been very weak today and now Bitcoin is 8.30% lower.
The major support level of 9,071.00 has been the consolidation low since 16th July 2019.

Rajan Dhall, MSTA FX Daily

Sentiment has been weak today and some analysts have attributed this to the low take up of Bakkt futures.

Binance US also made its debut today and low volume there could be playing its role. One thing is for sure "Hodlers" will be worried right now.

The SEC are deliberating on the state of the Wilshire Phoenix Bitcoin Exchange-Traded Fund as we speak but no concrete news has hit the wires.

Lastly, it must be noted that there has been a drop in the Bitcoin hash rate as the last time I checked levels were down 40%.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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