Topped Out? Bitcoin Flirts with Bearish Reversal

Bitcoin prices are taking a hit at press time, and could suffer a deeper pullback over the weekend, the price charts indicate.

Notably, it’s only been a day since the cryptocurrency clocked an all-time high of $11,363.99, before falling more than 15 percent to $9,295.79, as per CoinDesk’s Bitcoin Price Index (BPI).

In the Asian hours, bitcoin regained some poise, moving to a high of $10,681 today, before starting to drop again at around 05:00 UTC. The cryptocurrency was last seen trading at around $9,666.

The decline to below $10,000 comes despite news that Nasdaq plans to launch bitcoin futures in 2018, perhaps indicating that bitcoin’s coming move towards the investment mainstream has been priced in by the markets.

Further, the price action analysis suggests an increased risk of a deeper pullback in the short-run…

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