Crypto analysts are trying to determine where Bitcoin is heading after the leading cryptocurrency’s drop below $9,000 on Friday.
New analysis from Bloomberg suggests BTC has not yet reached a bottom.
The financial outlet says the GTI VERA Convergence Divergence indicator, which is designed to identify market reversals and exhaustion, shows a trend reversal may be incoming.
“If this occurs, the largest digital currency could retest the lows seen before its rampant run following comments by China’s President Xi Jinping in October.”
Bitcoin surged from $7,475 on October 24th to a high of $9,797 on October 25th, according to CoinMarketCap, following comments from President Xi expressing full support of blockchain, the technology that underpins cryptocurrencies. Read More...