Bitcoin (BTC) Crash: Huge Short Position Bringing It Down? Here’s What Is Happening
Cryptovest
Published Sep 06, 2018 05:58AM ET
Updated Sep 06, 2018 07:00AM ET
Bitcoin (BTC) Crash: Huge Short Position Bringing It Down? Here’s What Is Happening
The price of Bitcoin (BTC) took a second blow within a day after Wall Street investment banking giant Goldman Sachs (NYSE:GS) announced on Thursday morning it was withdrawing plans to open a crypto trading desk. The news comes a day after the price suffered an attack from strong bearish opposition, with the asset’s intraday value falling by $400.
Up until 08:00 UTC on Wednesday, BTC had shown consistent bullish progress over three weeks, with hopes that a climb to $7,500 would see the asset finally break out of its long-standing resistance. However, these were short-lived dreams as the number one cryptocurrency took a sudden plunge of 4% in a single candle. From there on, red candles have continued to cascade and drag Bitcoin down by $1,000 o...
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