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Bitcoin battered

17/01/2018

Bitcoin (BTCUSD) had a tough day yesterday, losing a whopping 24% at one stage from its high for the day of US$13,863 to US$10,480. While this will shake out a large number of recent BTC converts, and leave them with the scars to prove it, many Bitcoin evangelists will remain bullish. The addition of BTC contracts on CME & CBOE has done much to add the liquidity that has been noticeably absent and from a technical perspective, this shakeout is quite desirable. After it blasted through the US$8500 level at the end of November 2017 a retracement was always a likely scenario. “Filling the Gap” is a reasonably common enough occurrence to have been anticipated by wilier old hands who chose not to get sucked in by the hype.  The rollercoaster ride is still willing to take passengers, and queues will start forming if buying opportunities emerge around the US$8500 level. Despite the regulatory grumbling coming from more traditional institutions, BTC still has a future if enough people believe in it.

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