New Delhi, Nov 18
Bitcoin, the world’s largest cryptocurrency, is facing heavy selling pressure, falling to a six-month low and trading close to the $90,000 mark on Tuesday.
According to him, selling pressure is visible across derivatives as well as exchange-traded products (ETFs).
Subburaj added that strong US manufacturing data has reduced the likelihood of a rate cut in December, prompting investors to turn cautious. Even after the US government shutdown ended, selling pressure in Bitcoin has persisted.
Apart from Bitcoin, Ethereum has also fallen below its important support level of $3,000, which shows that it may be entering a bearish phase.