The price of Bitcoin dropped by $600 in less than five minutes, going from $10,069 to $9,440 yesterday. The latest cryptocurrency news show that a tumble like this could be an indicator that the bears are here and they are controlling the market as we see it.
Against the US dollar, Bitcoin dropped by $600 and to its lowest point on the day, slipping by well over 7.5% to $9,333. Throughout the past two weeks, the price of Bitcoin has shown relatively high volatility above its key support levels and was unable to break above strong resistance.
As the global markets analyst Alex Kruger said, the Bitcoin price has had important support levels at $11,300, $11,000, $10,800, $10,300, and $9,500 – and at all of them it managed to defend the position. Within a short time frame, however, Bitcoin dropped by a lot and the levels were broken as many best cryptocurrency news sites showed.
Following the dip of the Bitcoin price, the analyst Alex Kruger said that the next target for BTC remains at the mid $8,000 region and is set around the $8,500 to $8,600 range.
“The range is now breaking down. 8500-8600 is the next logical stop and first major buying area. Chart favors downside yet the upside is IMO considerably larger. Keep the big picture in mind,” he said.
The coming altcoin news also show that Bitcoin is a major trigger for a lot of other cryptocurrencies. This is why it is important for it to maintain the price levels. Yesterday Bitcoin dropped by $600 and then $800 in less than 10 minutes, showing that this is not the BTC we want to see.
Josh Rager, who is another popular technical analyst, similarly suggested that the possibility of Bitcoin dropping below $9,000 in the near term is huge. He said:
“The ‘potential’ lower-high looks to be playing out with a price below $9,690. Eyeing price to make its way to sub $9K at the weekly support level to form a lower-low. Just trying to be fluid, not overly bearish as 4-digit BTC is still a gift.”
The price movement of Bitcoin has been technical since mid-July without any clear fundamental factors that would have triggered a decline in the sentiment around the cryptocurrency markets. The highly anticipated test launch of Bakkt was initiated without any delays which is why it is strange that Bitcoin dropped by such a lot in such a short time frame.
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