The Bitcoin price has plunged by 14% overnight and visited the $7,700 region – before correcting to $7,900 which is its current price as the latest cryptocurrency news show. The market has been in red over the past 12 hours and as it stands, Bitcoin goes on declining.
Analysts believe that the steep fall for BTC from $8,500 to $7,700 occurred in a relatively short frame and was with a high magnitude. If Bitcoin goes to visit lower regions, it may test support in the $7,100 range.
Analysts shared their opinions on many best cryptocurrency news sites this morning. They believe that the abrupt drop in the BTC price was caused by manipulation by whales or investors which are holding large amounts of the dominant cryptocurrency – from hundreds to millions of dollars.
One Redditor commented on the BTC decline, stating:
“About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet.”
In the coming altcoin news, we can see that the situation is largely affected by the dominant cryptocurrency. As Bitcoin visits lower levels, altcoins are following too. The big sell order may have triggered even altcoin sales – and the market cap of $253 billion is solid proof for that.
What’s fascinating is the fact that the only gainer in the altcoin news is Bitcoin SV (BSV) which managed to sustain the momentum and stay at $222 which is its price at press time. Besides it, the entire top 40 list is in a sea of red.
The cryptocurrency analyst Josh Rager follows as Bitcoin goes to decline even more. This morning, he wrote:
“Bitcoin continues to push down quite aggressively and would like to see a move above $7824 and hold Eyeing that previous CME futures gap that wasn’t explored at $7175 If Bulls don’t step in, I believe the price is heading that way.”
On the question if Bitcoin will recover, he said that this may be a short term relief that can last hours or days before another push to retest the Bitcoin price action occurs. Similarly, other traders have emphasized that $8,200 is a crucial level that Bitcoin must sustain right now.
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