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IPFS News Link • Bitcoin

Supercharged Bitcoin Turns Ultra-Bullish After Shaking Out Retail Traders

• https://www.ccn.com by Kiril Nikolaev

The world's largest cryptocurrency hit a 5-month low earlier this week.
A massive rebound has seen nearly 30% gains overnight, pushing closer to $10,000.
There's a reason why HODL (hold on for dear life) is a popular trading strategy in cryptocurrency. Battle-tested crypto enthusiasts understand that the big money investors are out to get their bitcoin at dirt cheap prices. The sharks will instill fear in the hearts of participants by driving down the value of the dominant cryptocurrency while painting a bearish market structure.

The events that transpired this week perfectly illustrate why HODL works. Institutional investors shook out retail traders as they pushed bitcoin to lows of $7,293.55 on October 23rd. At that point, the digital coin was down by over 47 percent from the 2019 high of $13,880. Just as it looked as if bitcoin was due for one more leg down, the digital asset took almost everyone by surprise.


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