Bitcoin (BTC) price came crashing down hard, dropping by almost $800 in a matter of minutes. At the time of writing, BTC is down by 12.91% and trading at $8,512.31.
Yesterday saw traders enduring a painful day of trading as the BTC/USD pair hovered around the $8,100 support. BTC’s latest downward price action is the latest move in what has been a steady decline for the number one crypto which began at the beginning of the month.
Crypto Michael, a reputable cryptocurrency analyst recently stated that the next bitcoin price zone to monitor lies directly below the $9,800 levels.
With bitcoin’s latest price crash, it has shed an infinite of clear support levels including the descending triangle bottom of ~$9,500, the horizontal support of $9,400, and key moving averages. That being said, a daily and weekly close at these levels could be terrible for the bull market, specifically in the medium-term.
However, not all analysts believe that the bull run is over. Martin Chebbi, a reputable “crypto Twitter” user, reminded his followers that the loss of a descending triangle “doesn’t necessarily mean the end of a bull run”. Furthermore, he cited 2017 when Bitcoin similarly shed a triangle, only to see its historical “Bitcoin Mania” rally a few months later.