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BTC Is Breaking Down: Will Bitcoin ‘Survive’ Another Drop?

Stefan by Stefan
25/02/2019
in Bitcoin News
Reading Time: 1 min read
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The Bitcoin news today show a rather dull move from the leading cryptocurrency, which has managed to fall from its $4,200 highs to a new low of $3,842, dropping around 10% in only one day. The Bitcoin market cap also lost around $5 billion, while the total cryptocurrency market cap (again) went below the $130 billion mark.

According to analysts, one of the reasons for this move may be the delay of the tariff hike by the US President Donald Trump. However, what’s certain is that the price of BTC was rejected and as a result of that, there was a huge bearish reaction where sellers gained pace and pushed the price below the key $4,000 support level.

The current price action seems bearish – without any upsides likely to be capped near $3,860. However, the main resistance is right now near the $3,900 level. Above $3,900, the price of Bitcoin could face resistance near $3,950 and the 100 hourly SMA. On the other hand, a break above the main $4,000 hurdle won’t be easy for buyers.

Looking at the chart, the Bitcoin price made a sharp U-turn below the $4,000 and $3,900 support levels. From this, it could correct higher in the short term but the previous supports at $3,860 and $3,900 might also prevent further gains.

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On the downside, the initial support is formed at $3,680 below which the price may decline even below $3,600.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: 10%AnotherBitcoinbreakingBTCdaydownDropfeaturedlosingOnesurvivewill
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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