Bitcoin has turned bearish.
But how long will the trend last?
As of yesterday, Bitcoin has erased 75% of it’s October highs.
Meanwhile, the S&P 500 has been full on bullish.
In October, Bitcoin had reached a high of $10,350.
It is currently trading at $8,070 on Bitstamp.
What’s fueled the drop?
A lack of positive catalysts.
The crypto had pinned high hopes that BTC would benefit from China’s blockchain adoption push.
What could fuel a new rally?
China devaluing the yuan.
However, it would likely be short-lived.
And some technical charts indicate a different theory.
One where bitcoin continues to decline to a support of $7,700.
Read more here.