Following the bullish rally that stretched through the crypto market, we begin to see price retracements, which indicates that traders are taking profit from their long positions. Bitcoin continues to hold on to major support levels even in the face of a negative news report that concerns Bitfinex and Tether, while other altcoins show weakness and possible bearish price decent.
Read on as we analyze the technical price patterns driving the trend of some major altcoins.
The recent bearish trend in the market has seen a lot of investors suffer huge money loss. Notably among those to lose a reasonable sum is Japanese billionaire, Masayoshi Son. The seasoned investor and founder of SoftBank Group lost roughly $130 million trading Bitcoin.
A recent survey conducted by London-based publication FStech across 10 European countries shows that while many people consider Bitcoin to be digital gold, only 49% of those respondents think that BTC will still be in existence in ten years. This reveals that for cryptocurrencies to remain viable, it will have to evolve further in order to be accessible and friendly to the non-tech savvy public.