The Bitcoin pullback that started over the weekend has accelerated as we hit mid-week. During yesterday\u2019s US trading session BTC dropped below the highly critical $10,000 level and has failed to reclaim it as we roll into another day\u2019s trading.<\/p>\n
Since the weekend BTC has dumped 20 percent as the selloff accelerates<\/a>. From an intraday high of $10,750 yesterday, Bitcoin dumped almost $1,400 back to a low of around $9,260 a few hours ago. A very slight recovery has returned prices to the mid-$9,000s but the likelihood of further gains is high.<\/p>\n Recent comments from US Treasury Secretary Steven Mnuchin may have accelerated the pullback<\/a> but in reality one was overdue anyway. Mnuchin did recognize Bitcoin as a store of value and it received further endorsement from US House Representative Kevin McCarthy who admitted to \u2018liking Bitcoin\u2019<\/a>.<\/p>\n That did not stop the bears though as the slide back to four figures resumed. Trader and analyst Alex Kr\u00fcger aptly pointed out that pullbacks should be welcomed in a bull market.<\/p>\n \u201cBull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.\u201d<\/p><\/blockquote>\n Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.<\/p>\n — Alex Kr\u00fcger (@krugermacro) July 16, 2019<\/a><\/p><\/blockquote>\n\n