5 Reasons Bitcoin (BTC) Dipped Below $8,200 By Cryptovest

© Reuters. 5 Reasons Bitcoin (BTC) Dipped Below $8,200

(BTC) prices went on a continuous downward trend since the $9,300 level. On Monday, the price dipped below $8,200 briefly. BTC traded at $8,255.54 on Tuesday, as the sell-off continues to pressure prices.

The BTC market started to reveal factors that could bring the price down. BTC fell after signs of “capitulation”, just weeks after losing hope for a Halloween rally to $16,000. Here are the recent reasons for prices starting to seek a bottom again.

China’s Unfavorable Comments: The first statement of China’s president Xi Jinping boosted BTC to above $10,000. But now, another feature took the stance of “blockchain not cryptocurrencies”. A CCTV1 feature program called crypto assets scams and Ponzi schemes.

https://twitter.com/DoveyWan/status/1196413703492517889

The recent harsh comments only boosted the slide that had already started last week, possibly dampening the enthusiasm of Chinese traders.

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