The rally which was featured in the Bitcoin news updates almost every week in October appears to have ended as Bitcoin crashes to $7,400 with new signs of weak momentum. BTC is very vulnerable right now – and the best way to see this is from the fact that the dominant cryptocurrency dropped all the way down to $7,400 in minutes and the proposed $7,800 level by analysts did not hold at all.
If we go back in time, we will see that over the past week, BTC/USD faced a slow grind down to the $8,000 price level. Now, Bitcoin also broke below the 0.786 Fibonacci retracement level too – which was its last major level before a confirmed full retrace of the October 25 rally which saw it visit highs above $10,000.
After this short bounce, Bitcoin crashes and is now back below $7,500 at press time. As many analysts reported, the rumors about the Chinese authorities raiding Binance’s Shanghai offices may have had to do something about the drop. Still, the exchange noted that they had not received a notice from the Chinese authorities which required Binance to detail its activities.
In fact, a spokesperson from Binance denied the rumors earlier today and said:
“Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down. […] There has been a recent spike in the number of negative articles and activities against Binance in China. We wouldn’t delve too much into what causes this, because we prefer to continue BUIDLing our solutions.
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What’s important for now is the fact that Bitcoin crashes to new lows and may extend its loss in the next couple of days, too. After several days of choppy price action, the cryptocurrency updates today finally post a decisive drop below $8,000 for BTC.
In the altcoin news and rumors, we can see losses of up to 10% for Ethereum (ETH), Bitcoin Cash (BCH), EOS (EOS) and Chainlink (LINK). Other coins are also dropping with slightly lower margins. The only gainer today is Tezos (XTZ) which posts 3.29% gains right now.
The market cap retraced to $203 billion – down by more than $50 billion in less than two weeks.
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