That's right this slight jump in the price of Bitcoin will be short lived. The Bitcoin sell-off will continue to affect the price of Bitcoin. As much as I hate saying it and as much as I watch the value of my portfolio swing wildly the realist truth has to be faced. Yes FUD and market sentiment is playing a part but also a lot of profit taking is taking place. Sentiment is everything in the crypto market so never try to fight it.
(coinmarketcap.com)
We have seen Bitcoin fall below the $10,000 and then recover slightly only to fall again. The 7 day pattern is a definite orderly downward trend. If you didn't get in at the $7,500 level and plan on getting out at the $9,000 level to make a tidy profit then whats held you back? For some it seems like easy money. For others its goes against their hold strategy all the way up, regardless of tactical profit potential in the interim. However a 14%+ gain on a tactical trade should not be sniffed at.
Ok, so we see some news indicating the Bitcoin price was affected by words mentioned by Mark Carney (Bank of England Governor) to G20 members that was reported last Sunday. However, expectations are high that cryptocurrency talk will dominate the G20 and will be discussed on the sidelines also. One has to think what could have been said if Bitcoin was at the $30,000 level today and with a corresponding higher marketcap....hummm. Perhaps the Bitcoin price pull back from the December 2017 highs is a blessing in disguise as discussions would have been very much different had Bitcoin's price gone completely out of control and skyrocketed further. Expect more testing of the $10,000 level before further drops occur. It's a roller coaster ride but you got to be loving it if you are a day trader. If you HODL then it's of no interest to you and just feeds into your FUD :-(
Please note the information provided is opinion and should not be taken as financial advice.