RE: Bitcoin Turns Ultra-Bullish After Shaking Out Retail Traders
Here we are on Sunday and Bitcoin is sitting pretty @ $9550
“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.
Institutions Bought the Dip
While many retail traders panic sold their coins, institutional investors were busy buying the dip. On the day that bitcoin dropped below $7,300, the smart money scaled into the cryptocurrency with volume through Bakkt’s futures contracts.
Bakkt’s daily trading volume exploded from a meager 85 contracts on October 22nd to an astounding 640 contracts on October 23rd. That’s a huge 653 percent jump in one day.”