Why Hasn’t Bitcoin Fallen Further? Analyst Looks For Silver Lining Amid $700 Drop

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Bitcoin has undergone a sharp correction in the past day, falling as low as $11,150. This drop comes despite a push from the asset towards $11,900 on the weekend. Bitcoin’s latest leg lower coincides with weakness in the value of gold, which has been struggling as the U.S. dollar bounces. BTC now trades for $11,350 as of this article’s writing as buyers have stepped back in. An analyst has noted that despite the selling pressure, there is actually a silver lining in that indicators suggest it should have dropped further. This may suggest that there is latent buying interest in the Bitcoin market that will limit downside moving forward. Bitcoin Hasn’t Fallen as Much as Some Thought It Would Have Analyst Sean Nance has noted that per an indicator he uses, there has been a “significant amount of selling” in the latest leg lower. The indicator in question has printed…

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