Bitcoin’s price has taken a hit since the announcement of the now infamous hearing of Facebook’s Libra project. With heavy scrutiny and criticism of Libra and cryptocurrency in general, Bitcoin has responded negatively with the news. Bitcoin’s price right now is $10,239 and going down which isn’t a good situation to be right now. Bitcoin can take a dive below $10,000 anytime now and the bull run can be stopped dead in its tracks.
Bitcoin’s Slow But Bearish Growth
Bitcoin has been fluctuating between prices but don’t let that deceive you, it is slowly going down and the fluctuation is just an illusion of an active price change which isn’t the case at all. Bitcoin experienced a sharp drop today from $10,527 at 14:20 UTC to $10,197 in a matter of thirty minutes at 14:50. While, the price is up now, but there are bearish sentiments looming all over it. It’s last peak of 5 days was $11,015 on Saturday which is abysmal compared to highs of $13,000 it reached earlier this month.
Bitcoin bulls will have a hard time topping the $11,000 mark and breaking the barrier to secure a comfortable position. This isn’t possible anytime soon as the next 24 hr charts show the price dipping below $10,000 and with a bearish bias. The gains of BTC logged from days leading to July 20 have shown the lowest figures in a 3 day chart since December of last year. Key indicators also suggest that the price will fall down below $10,000 in the near future.
The possibility of continuing bullish growth is very improbable. The growth needed for reviving bullish tendencies is too unrealistic. If BTC crosses its high of $11,015 in 4 hours, then bullish tendencies could be revived. Also, a weekly close of $12,000 is required for bullish tendencies to make a comeback. These seem far from possibility as the market doesn’t seem to favor it. Is the Bitcoin bull run over before it even started?