Bitcoin remains weak before the Chinese New Year due to weaker demand

Before the start of the Chinese New Year, Bitcoin begins to experience a lack of demand.

The largest digital currency is down 4% for the day, and altcoins like the Ethereum Classic is down more than 11%.

Cryptocurrencies remain under pressure this week again because of uncertainty over regulations, which are expected to become even tighter. This only feeds investors’ skepticism about the short-term prospects for Bitcoin and other digital assets.

Central banks are increasingly investigating digital currencies, undermining optimism that a Bitcoin ETF may soon be created. And in the face of the coronavirus in China, investors are neglecting BTC in their escape to safe heaven assets.

Technical indicators also indicate a short. Earlier, the Bloomberg GTI Vera CD indicator indicated such a signal.

Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.

 Trader Martin Nikolov

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