Bitcoin on the defensive
Is it time to start worrying about Bitcoin? I don't think it is but it's a question worth asking with prices down almost 3% today to $18,288.
It's the second day of selling and third day of declines in the past four.
The latest rally in Bitcoin really hasn't grabbed the public's attention the way I thought it might. That said, a it may only be a matter of time.
It's natural to see a period of consolidation near the old all-times. Those have been narrowly broken but given the wide ranges in pricing back in 2017, you can make a good argument that it hasn't definitively broken to a new high.
So call this some consolidation after a long run-up and before a breakout. That we haven't seen a larger pullback or rising volatility is a good sign for the bulls.
