Bitcoin Pummeled As Weak Longs Capitulate After Massive Losses
(Kitco News) - Those heady Bitcoin-U.S. dollar traders who climbed onboard the bullish bandwagon after prices pushed above $10,000 a few weeks agoare now under water--after many had doubled their money in just a short time.Bitcoin-U.S. Dollar prices have careened lower in late-morning tradingWednesday and hit a six-week low. The weak-handed longs are bailing out oftheir big losing positions, and the exit door is seemingly shrinking on them.
Bitcoin-U.S. Dollar prices have now lost around half oftheir value seen just a few weeks ago. Severe technical damage on the dailychart had been inflicted recently, which had warned of an impending major selloff, and suggests still more selling pressure is coming. The bitcoin bulls arewondering if any perceived bargain hunting can stop the massive bleeding.
There's an old saying that markets can and will doanything and everything possible to frustrate the largest number of traders.Those bitcoin traders who feared missing the boat to riches a few weeks ago,are now fearful of a bitcoin market meltdown.
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