Bitcoin broke down the $11k level and is now drifting lower toward the $9.8k support level.
Volume levels are still low and do not seem to want to pick despite the fall. This low volume context implies that this drift was induced by retail traders and not by institutional ones.
Retail traders' impatience has been growing lately while bitcoin was stuck within its downtrend and the $11k former support level. Because of the season, institutional traders tend to be less active in August. Therefore without institutional funds to prop up the market as it was the case since the beginning of the year, we are experiencing some long covering coming retail traders.
We are heading toward the $9.8k - $10k support zone where we expect to see some short covering as well as buyers stepping in, therefore inducing a rebound.
Current uptrend remains in place.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
Volume levels are still low and do not seem to want to pick despite the fall. This low volume context implies that this drift was induced by retail traders and not by institutional ones.
Retail traders' impatience has been growing lately while bitcoin was stuck within its downtrend and the $11k former support level. Because of the season, institutional traders tend to be less active in August. Therefore without institutional funds to prop up the market as it was the case since the beginning of the year, we are experiencing some long covering coming retail traders.
We are heading toward the $9.8k - $10k support zone where we expect to see some short covering as well as buyers stepping in, therefore inducing a rebound.
Current uptrend remains in place.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .