Week in Review: Bitcoin Is Unexpectedly Bearish

At press time, bitcoin is trading for just over $8,400.

Bitcoin: Bearish All Over Again?

This figure marks a drop of roughly $700 over the past few days. The currency is incurring some very strange behavior as of late, though there doesn’t seem to be much of an explanation regarding why this behavior is happening.

Let’s start off with the basics. To do this, we must go back to the end of October, when bitcoin was really trapped in a rut following the disappointing opening of Bakkt and the Mark Zuckerberg hearing regarding Libra, Facebook’s new cryptocurrency project. At that time, the currency was traversing through the doldrums and trading in the mid-$7,000 range, a new low considering it had been doing relatively will since the summer despite a few drops here and there.

Then came some positive comments regarding blockchain technology from Chinese president Xi Jinping, who said that blockchain had the power to reinvigorate the economy of China and potentially rebuild its…