[2018-03-27] Bitcoin Slides Again, But Brief Rally May Be On the Cards

[crazy-pilot]

The bears continued to be in the driver's seat on Monday, pushing bitcoin (BTC) below $8,000 and opening the doors for a re-test of recent lows near $7,300.

The cryptocurrency found acceptance below the crucial support of $8,217 (prices as per Bitfinex) at 12:00 UTC yesterday, signaling the corrective rally from the low of $7,240 has ended. The emboldened bears then pushed bitcoin down to $7,716 earlier today - its lowest since March 18.

Twitter's decision to ban all ads related to initial coin offers (ICOs), token sales, exchanges and wallet services may have played a role in pushing prices lower, although it is worth noting that bitcoin had been trading on the back foot well before Twitter news hit the wires, and that the ban news had been widely anticipated in the media.

https://www.coindesk.com/bitcoin-slides-again-but-brief-rally-may-be-on-the-cards/

[1714754802]

1714754802

[1Referee]

Why do people constantly think that certain events are responsible for the price to go down? It's almost like people think it's impossible for the market to move on its own, which is obviously wrong. If we look at the market's perfomance in the last few months, then it's obvious that the speculative demand is gone. In other words, we are on our way to discover the 'actual' non/less speculative price. People may not like it, but the market doesn't care. From $1000 to $20,000 isn't a joke, and definitely not sustainable, that we are experiencing right now. My personal guess is the 'actual' non/less speculative price hovers between $7000 and $7500 (said the same when the price was much higher), which for now seems to be the case, but for how long?