INSUBCONTINENT EXCLUSIVE:
By Olga KharifIf you think that Bitcoin has hit bottom after the latest round of violent price drops, think again.
While the world’s
largest cryptocurrency is down 65 per cent since its peak in December, technical indicators suggest there’s worse to come
Bitcoin has consistently had lower peaks since its apex in December, with each new high lower than the last
In addition, the Directional Movement Index signals the bullish buying pressure came to an abrupt end, and a new selling pressure trend has
started.
The trend may explain increased hesitance by institutional investors to get involved
is pulling back on near-term plans to set up a crypto trading desk, according to reports.
Many investors have already gotten burned, and
Crypto hedge funds are down by nearly 50 per cent so far this year, according to the Eurekahedge Crypto-Currency Hedge Fund Index.
