Bitcoin tilts lower, tries to hold above $9,000 mark

Bitcoin fell in marginally spot trading on Friday, to deepen its losses for the third straight day, but the losses remain limited with attempts to hold above the $9,000 barrier, in a sign of gathering momentum to rally again above the 5-week high above the $10,000 barrier. 

At Bitstamp exchange, Bitcoin fell by 1.1% or $104 to $9,054, after it opened at $9,158, with an intraday high of $9,161.  

Bitcoin fell by 0.2% yesterday, to mark its second daily loss on profit-taking from a 5-week high of $10,350.

However, during October, Bitcoin gained 10.25%, its first monthly gain since June, thanks to the Chinese president Xi Jinping's recent remarks about the blockchain technologies which improved demand significantly..

The total market capitalization of cryptocurrencies fell by $1 billion today, to a total of $244 billion, as Bitcoin and most other major cryptos marginally fell.

This marginal retreat in Bitcoin seem as a strong sign of gathering momentum to rally again above the 5-week high above the $10,000 barrier. 

Fundstrat co-founder, Tom Lee, said that there have been many signes lately that confirm Bitcoin's exit from the risk-on state to resume its bull market run.

The latest of these positive signs is the rise of the volume of the Bitcoin (BTC) futures contracts in the Bakkt platform during the last week, which indicates that the crypto market has attracted more institutional investments.