Bitcoin Takes Another Hit to $9,585, Deeper Correction Incoming?


  • Crypto Greed and Fear Index drops 10 points and sentiments changes from yesterday's greed to neutral
  • Popular trader Majin says this bearish momentum is getting started and “will play out into the halvening”

What started through the weekend is now continuing today.

On Saturday, Bitcoin price went from about $10,400 to $9,800 and yesterday we went down another hundred dollars. Now, we have started the week on a red note as the digital asset dropped another leg lower to as low as $9,585 on Bitstamp.

Source: TradingView

This has the market turning into neutral while just yesterday there was “greed” in the crypto market as the Crypto Greed and Fear Index drops 10 points.

This could very well turn into fear if bitcoin continues to fall.

Bearish momentum will play out into the halvening

Meanwhile, popular trader Majin who has been expecting the price at five-digits to fade,

“because that’s where the balance of power started reversing,”

“You’re gonna witness dumps & short squeezes into dead-cats, bear flagging us down, level by level. As the denial of the herd will be squeezed out of their useful liquidity.”

According to him, this bearish momentum is getting started and “will play out into the halvening.”

“All I see is everyone blinded by euphoria of alt szn & bull runs, and 95% of the most bearish person’s have turned bullish. Meanwhile lower Macro-highs everywhere, no influx of volume, and an overheated market. It’s over,”

he commented on the excitement and bull calls in the market during the past few days as bitcoin stayed above $10,000 and altcoins surged like crazy.

On a positive side, Tom Lee, head of research at Fundstrat Global Advisors expects Bitcoin to gain nearly 300% before the Dow Jones Industrial Average climbs 35%.

US FUD Storm?

Meanwhile, popular analyst PlanB while pointing towards cryptos being labeled as a “national security” risk by the U.S. Treasury Secretary Steven Mnuchin said, the US is “trying to stop people moving their wealth from inflated fiat currency to hard assets like Bitcoin.”

Back in July, Mnuchin said cryptos are a “national security issue” that supports billions of dollars in illicit activity.

Last week as well, Mnuchin warned that “significant” new regulations targeted towards bitcoin and crypto are on their way. He told the Senate Finance Committee that the US FinCEN is preparing “significant new requirements” around cryptos and we’ll “be seeing a lot of work coming out very quickly,” adding “we want to make sure that cryptocurrencies aren't used for the equivalent of old Swiss secret number bank accounts.”

Department of Justice prosecutors also branded bitcoin mixing software “money laundering.”

However, this is not the “actual” reason why this rally is capitulating, says Majin adding “But can you feel the incoming US FUD storm?”

Bitcoin (BTC) Live Price

1 BTC/USD =$62,686.7999 change ~ 4.66%

Coin Market Cap

$1.17 Trillion

24 Hour Volume

$23.68 Billion

24 Hour VWAP

$60.61 K

24 Hour Change

$2,922.42

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