Bitcoin retraces again by more than $1,500 in less than two days before the block reward halving event which is what we are reading more about in the latest bitcoin news.
The price action is the same one of Bitcoin Cash and Bitcoin SV right before their halving according to the analysis by OKEx. BTC is getting prepared for strong support around $8,000 which could further prevent losses and serve as a new level for the price of the asset to reach higher highs. If the selling pressure continues, then, Bitcoin will drop to ,000 regions which will delete all of the recent gains.
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Bitcoin retraces again by more than 20% today which created huge liquidations across the market. the technical patterns show that there’s still support around the $8,000 range which will keep Bitcoin from another decline. OKEx predicted the price action that bitcoin is now going through as they analyzed how some of the other altcoins behaved before their halving. Bitcoin Cash went through a huge bullish impulse which led the price increase by more than 36% before the block halving event. After the rate drop, there was an increase in the selling pressure behind BCH which started a new increase of 27%.
Similarly, Bitcoin SV surged by more than 50% before the halving and hit a high of $227. After this happened, the hype around the asset dropped and BSV entered a corrective phase, dropping by more than 20%. OKEx suggested:
“The theory behind it is that due to the heated discussion and news on halving, the demand for that coin will increase prior to the event; but as the news dies down after it halves, the buying pressure is gone and the coin price would drop.’’
The company was not able to forecast another similar scenario. there are indexes that show a few warning signs about the correction and now that the retracement is here, the support level is ahead as well. The number one cryptocurrency is down by more than 21% over the past 50 hours reaching a price level of $7,940 which is exactly where the 200 and 100-day moving averages are. The demand barrier seems to be holding BTC from a bigger downturn.
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