Look Out Below: Another 3% Drop In Bitcoin Brings This Token Toward a Key Level

After minting a fresh all-time high in October of a little more than $126,000 per token, Bitcoin (CRYPTO: BTC) has since declined more than 30% to its current level below $86,000. Today's 3.1% slide over the past 24 hours (as of 3:30 p.m. ET) signals that bears aren't finished selling, even if this may have been considered an attractive entry point just a few months ago. Some Bitcoin bulls continue to accumulate large amounts of Bitcoin. No surprise-Strategy CEO Michael Saylor has once again hit the bid, this time buying another $980 million worth of the world's largest cryptocurrency last week. I'd expect to see those numbers increase if he lives up to his word, believing Bitcoin's price is ultimately headed higher over the long term. However, for those who may be more skeptical, let's examine the bearish catalysts driving today's decline and attempt to determine whether this downside could persist from here.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool