The crypto markets incurred a significant amount of selling pressure late-yesterday that sent them reeling downwards, surrendering a decent portion of the recent gains they have incurred as a result of the massive rally that has been taking place since early-April.
Despite the recent drop, some analysts believe that Bitcoin’s rally may not be done just yet, as a bout of coordinated selling may have sparked this temporary downwards movement.
Although it is unclear as to whether or not the current drawback is over or if further losses are imminent, it is important that Bitcoin breaks above newly formed resistance levels in order for it to continue surging upwards.
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https://www.newsbtc.com/2019/05/18/despite-plummeting-towards-7000-bitcoins-rally-may-not-be-finished-just-yet/The recent big correction was actually predicted by many analysts to be coming and it did happen triggered by that single but massive sell order of 5,000 BTC on Bitstamp pushing bitcoin down. However, we have to note that this bull run was coming from the $3,200 low in 2018 so the gain is still enormous. Now, we are hoping that bitcoin will again be energized and start surging again towards the $10,000 level and from there things can get easier as FOMO can start riding the bull.
Are you still holding that positive stance or already afraid that we are going back to the bearish territory?