Bitcoin (BTC) is struggling to gather upside traction following Facebook’s official announcement of its Libra cryptocurrency project.
At 09:00 UTC today, the social media giant unveiled its highly anticipated and until-now secretive cryptocurrency, Libra, which will run on a blockchain network secured at launch by 100 distributed computer servers, or nodes.
Facebook’s foray into cryptocurrency is widely being referred to by some experts as the most bullish external tailwind for bitcoin in 2019/2020.
Even so, bitcoin’s price is struggling to gain altitude, having added meager $80 following Facebook’s white paper launch. As of writing, the leading cryptocurrency by market value is changing hands at $9,214 – down 2.8 percent from a 13-month high of $9,477 hit on Tuesday.
Bitcoin’s lackluster response validates our argument put forward on Monday that the markets priced in the news over the weekend, when the cryptocurrency rallied from $8,200 to highs above $9,300.
As a result, bitcoin now faces the risk of a “sell the fact” price pullback, with the short duration technical charts telling a similar story signals.