Sentiment over bitcoin starting to turn positive, Companies & Markets

Mon, Jul 23, 2018 – 5:50 AM

SINCE hitting a record high of 19,511, bitcoin has been in a freefall. The sentiment has been extremely dreadful with no signs of sustainable rallies. Bitcoin fell 70 per cent to the recent low of 5,791 in late June after it established a record high at 19,511 seven months ago. Nonetheless, it seems that the bulls are warming up once again to regain some market share.

From a longer-term perspective, there seemed to be a double bottom formation emerging at the 5,922 low. Remember, the initial sell-off from the 19,511 record high took bitcoin down to a low of 5,922 in early February. It took the market just two short months for it to tumble 69 per cent.

Since hitting that low in February, the price has been moving erratically with wild swings up and down. Four months later, the relentless selling pressure has once again brought the price down to the critical 5,922 February low. Clearly, with the benefit of hindsight, the bulls were ready to defend the…