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Daily Dose: Down We Go!

After several tests and retests of the support at $7,700, Bitcoin finally broke down and is now trading at around $7,450. Bears have firmly taken control of price action and may look for even more room at the bottom as shorts continue to pile up. Technical indicators all show bearish momentum, with RSI barely avoiding oversold levels, long-term MAs crossing over all the short- and medium-term ones, and volume showing that the market is agreeing with the move and overall sentiment. Bulls have to defend new key supports at around 7,200 - 6,700, else we might see an even bigger drop to low 6k levels. Old-support-turned-new-resistance is now at 7,700.

Global market cap has dipped to $206B, while BTC's market cap is at $135B.

​* Facebook CEO and Founder Mark Zuckerberg delivered his testimony in a congressional hearing before the House of Representatives Financial Services Committee on Oct. 23. Libra was the main focus of the agenda. Zuckerberg stressed that if Libra Association launched Libra prematurely without all the needed regulatory approvals, Facebook would be forced to pull out of the Association. However, US lawmakers were not convinced.

* Bakkt's Bitcoin (BTC) futures hit a new all time high with 452 BTC futures contracts traded. According to the historical data from Intercontinental Exchange (ICE), the platform has traded 441 Bitcoin futures contracts for November 2019, last price traded at $7,400. 11 futures contracts for December, last price traded at $7,407. They recently announced Bitcoin futures options to be launched by the end of this year. 

* The first Paxful Meetup is happening tonight! Paxful's first community meet-up in Manila! The Paxful Marketplace is a P2P Bitcoin marketplace that uses hundreds of different payment methods to buy and sell bitcoin. Join the local community for some Beer, Wings, and Bitcoin at Blockchain Space PH's venue in Makati, Metro Manila. 


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