Bitcoin continues to pivot around the $10,000 level

Author: Justin Low | Category: Cryptocurrency

Sentiment for Bitcoin remains to the downside as buyers struggle to break above resistance levels

On the GDAX exchange, Bitcoin continues to twist and turn around the $10,000 after falling earlier this morning.

The Bitfinex/Tether news was the key catalyst for the fall overnight, and that nervous sentiment is still lingering in today's trading.

It feels like we're at a bit of a crossroads now, and a daily close below $10,000 would be a tough pill for buyers to swallow. And that will likely prompt more psychological trades towards the downside.

The price is down by more than 30% in January, which would be the biggest monthly decline in over 3 years. Recent news on cryptocurrencies have all been rather negative - from regulations, to theft, to even Facebook banning all ads related to it.

Jitters are not surprising when there's so many things inducing fear in the market. And from the looks of it, those jitters aren't likely to go away anytime soon. More regulators will surely start coming into the picture, and that will likely put a pause on the euphoria that we saw in cryptocurrencies in December last year.

Do you think we will see another run in Bitcoin like we did last year? Share your thoughts here or join the conversation in our new Telegram group.

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