RATE Group | Bitcoin Drops to $4,000 as Sell-Off Reignites, There Could Be a Larger Trend in Play
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Bitcoin Drops to $4,000 as Sell-Off Reignites, There Could Be a Larger Trend in Play

01 Dec Bitcoin Drops to $4,000 as Sell-Off Reignites, There Could Be a Larger Trend in Play

Posted at 15:01h in Bitcoin News by

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After a couple days of upwards trading, the cryptocurrency markets have continued to sell-off, led by Bitcoin, but are still sitting above their recently established lows. Today’s drop could be the result of traders taking profits on short-term long positions, according to one research firm.

At the time of writing, Bitcoin is trading down 6.5% at its current price of $4,045, down from yesterday’s highs of just over $4,400, but still up over 12% from its recently established lows of $3,600, which were set earlier this week.

This downwards move, however, could be temporary, and could be the result of traders taking profits on their short-term long positions.

While speaking to MarketWatch, analysts at the U.K.-based research firm, FX Pro Insights, explained this theory, adding that it remains unclear as to whether or not a long-term bottom has truly been established in the markets.

“Many market participants have decided to take an optimistic approach and BTC’s decline to $3,500…

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