This Week Analysis of Bitcoin Price
Steep line with a downward trend shows the story of this week. Global regulations are part of the decline in bitcoin price but there is another reason that is pushing the bitcoin holders to sell there coins.
Bitcoin price was above $11000 mark at the start of the week as there was a upward trend in the price. Decline started on Tuesday when price crashed below $11000 until it found solid support around $8500 mark.
Price is in correction phase yet there are some points that should be in mind of every consumer if he want to hold bitcoin. Bitcoin can remain volatile for some time and this ride could become more exciting and challenging in the future so hold tight if you want to become winner.
Mtgox trustee has sold some bitcoins during last month due to which price reached the $6000 mark according to most of the sources. They still have large amount of bitcoin that worth around $1.5 billion dollar that could become the cause of more decline in price but no one can predict the future accurately.
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Now that the cat is out of the bag, we know we need to play defensively with this market pricing. We need to sell into strength as the whale still holding 166k worth of BTC will do the same. Given he is just sending to exchanges to sell provides us some insight that he doesn’t know much about trading so we need to read the charts accordingly. I would not be buying Bitcoin specifically here given this supply waiting to be sold. The larger altcoins seem to be the better opportunity.