Bitcoin Was Heading for a Big Upsurge, Traders Explain What Changed

Top trader explains why Wall Street’s pain is translating to a painful Bitcoin correction

Speaking to Cointelegraph, cryptocurrency trader and technical analyst Eric Thies said that the struggle of Wall Street and institutional investors directly affected the price trend of Bitcoin. As the stock market in the United States took a hit, the open interest across major futures exchanges including CME dropped off substantially. In futures trading, the term “open interest” refers to the total amount of long and short contracts open at a certain time.

Why Bitcoin was initially en route for a relief rally and is now at risk of another correction

Several renowned traders who have predicted multiple market cycles throughout the history of Bitcoin such as PentarhUdi foresaw the Bitcoin price drop to sub-$6,000 coming when the price of BTC was still hovering above $10,000 in February.

The bottom of bitcoin could be lower

Bitcoin has shown less correlation with the U.S. stock market since March 25. While the Dow Jones surged by more than 6% on Thursday, the price of Bitcoin remained relatively stable. Venture capital investor and partner at Placeholder Chris Burniske said that, purely based on technicals, Bitcoin could retest the lows at $3,000.

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