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Bitcoin's Meltdown Looks to Grow Worse Before Things Get Better

  • Directional Movement Index shows bullish buying has ended
  • Cryptocurrency’s price peaks are consistently lower this year
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Bitcoin Tumbles as Cryptocurrencies Near Nine-Month Low

If you think that Bitcoin has hit bottom after the latest round of violent price drops, think again.

While the world’s largest cryptocurrency is down 65 percent since its peak in December, technical indicators suggest there’s worse to come. Bitcoin has consistently had lower peaks since its apex in December, with each new high lower than the last. In addition, the Directional Movement Index signals the bullish buying pressure came to an abrupt end, and a new selling pressure trend has started.