Prominent cryptocurrency trader Scott Melker says that the Bitcoin (BTC) price currently "looks weak" on the hourly chart. Hence, it is safe to assume that this is going to be yet another painful day for the bulls.
Bitcoin on life support
Earlier today, the Bitcoin price came close to touching the pivotal $8,000 but it fell short. After this rejection, the leading cryptocurrency plunged to its intraday low of $7,590 but then bounced off of its major support level. At press time, BTC is sitting at $7,771.
However, even during this period of uncertainty, some traders are still searching for a silver lining. Big Cheds recently tweeted that the panic that grappled the cryptocurrency market should signal that Bitcoin is close to bottoming out.
Notably, BTC is down 1.3 percent today, which means that it's doing much better than U.S. equities. The Dow, after yesterday's relief rally, has entered a bear market after nosediving by more than six percent before the closing bell.
However, Peter Schiff, the CEO of Euro Pacific Capital, believes that Bitcoin is still correlated to the stock market, and institutional investors should consider abandoning it.
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