Number one cryptocurrency-Bitcoin dropped in value by more than $600 in less than three minutes from $10,069 to $9,440 on July 27 in a major pullback as per the charts in the coming altcoin news.
Comparing to the U.S. dollar, Bitcoin reached the lowest point on the day when the price slipped by well over 7.5 percent to $9,333. The key factors that are behind the drop in price could be the relatively high volatility above the key support levels which were unable to break above strong resistance. According to Alex Kruger who is a global market analyst says that the bitcoin price has had important support levels at $11,300, $11,000 and $9,500 in order to defend and within a short period of time since those levels were broken because of the intensified sell pressure.
By following the dip of the bitcoin price below $9,500, Kruger noted that the next target for bitcoin remains at the mid $8,000 region:
The range is now breaking down. 8500-8600 is the next logical stop and first major buying area.
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Chart favors downside yet the upside is IMO considerably larger. Keep the big picture in mind,” he said.
Another technical analyst Josh Rager also suggested that there is a high possibility of Bitcoin dropping below the $9,000 level in the near term which could act as a supported catalyst over the year:
“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 the number one cryptocurrency has been majorly technical since the middle of July with no clear factors that could trigger a decline in sentiment around the crypto market. The much-anticipated test launch of Bakkt was initiated without further delay so now the investment companies like Greyscale are reporting a consistent inflow of capital since the start of this year. However, there is some major negative fundamental sentiment for the market such as the regulatory uncertainty on the US market which is a key factor for the emerging asset class as per the latest cryptocurrency news reports.
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