Bearish Outlook in Response to Asian Uncertainty

Bitcoin is at a 3.5 week low as of today. OnChainFX Reports that BTC has depreciated 14 percent in the past 24 hours. The price was $11,966 at Press Time according to CoinDesk’s Bitcoin Price Index.

The power house cryptocurrency is down in market capitalization by 40 percent from its all-time high of $20,000, just a month ago. It seems that bitcoin is not alone. Across the alt coin space major players are down 25 percent each today. So, what’s seems to be ailing our precious crypto commodities?

Asia. To keep it sweet and simple. With talks of a ban in South Korea, crackdowns in trading and mining within China, lastly the BTC futures trading below bitcoins global average on CoinMarketCap. The futures discount indicates the bearish sentiment held by market participants. It seems, for today at least, the FOMO of investment bankers bonus checks entering the crypto space was down played by the FUD from Asia.

Technical chart analysis shows a potential drop below $10,000 if the bulls don’t rally.

Source: www.CoinDesk.com- Omkar Godbole