Faltering Bull Run

Bitcoin prices are trading lower for a second day running, putting a lid on the recent euphoria that had some investors looking to $8,000 and higher. In early Thursday trading, one bitcoin, -2.40% was last worth $6,872.14, down 2.4% since Wednesday at 5 p.m. on the Kraken crypto exchange. After two winning sessions to begin the week, the No. 1 digital currency has erased nearly 3% from Wednesday’s highs, confirming that those shorting the cryptocurrency are still in control. “Bitcoin is still holding the upper end of the range,” said Lennon Sweeting, director of institutional trading at Coinsuqare Capital. “A lot of what we saw [over the last two days] was short covering, but at the end of the day, shorts are still at elevated levels and we haven’t seen the bear market turn yet.” Sweeting added that $6,500 should provide some solid support. Personally I'm one to side with Sweeting, we've seen 3 major attempts at a bull runs all fail and I don't think the 4th time is the charm. If I were to accumulate more crypto I'd at least wait until Bitcoin dropped below $6,000 again. Getting caught in a suckers rally can be devastating so it's always good to wait these price movements out until you can identify a trend. Currently I'm slightly bearish, not that I believe Bitcoin will suddenly crash but I could see it loosing steem and slowly drifting lower to $6500 in the short term.