Bitcoin fails to accelerate its growth

Bitcoin hit 27.4K on Monday for the first time since late August but quickly pulled back to 26.8K. This was the second failed attempt to break above the 50-day moving average since early August and the second downward reversal on the approach to the 200-day MA. This is an important signal that the bears are still in control of the situation in the largest cryptocurrency, even though they gave some space to "play" as we expected yesterday.

Weekly trading volume rose to $1 billion, up 42% over the previous week. Cumulative outflows over the past two months totalled $455 million, with net inflows since the beginning of the year down to just $51 million, CoinShares noted.