RATE Group | BTC bulls lick wounds and blame whales
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BTC bulls lick wounds and blame whales

25 Oct BTC bulls lick wounds and blame whales

Posted at 21:35h in Cryptocurrency News by

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  • The cryptocurrency market consolidates after a sharp sell-off during the week.
  • Bitcoin’s technical picture looks bearish at this stage.

Bitcoin (BTC) lived through another tough week, The first digital coin dropped below the critical support of $7,800 and tested the lowest level in recent five-month at $7,300. While the coin managed to recover to $7,650 by the time of writing, the upside momentum remains weak and unimpressive. Bitcoin is still down nearly 6% on a week-to-week basis. The coin has been sliding down for the third month is a row. In October, the first cryptocurrency has lost nearly $1,000.

Whales rule the world

The cryptocurrency market has been at the mercy of crypto whales activity. Just as the real marine mammals, they leave an impact when they move around, or event supposed to move. 

This week in the cryptocurrency markets was marked by a sudden sell-off, allegedly caused by massive long liquidations on BitMEX that cascaded into a series…

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