Bitcoin price crashes and burns

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.


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Lindsay Benjamin

Between blockchains and the unregulated sector, cryptocurrency has come a long way already. For it to be integrated into the normal economy, there is still a lot of ground to cover. Lindsay understands this and conveys the fluctuations in the cryptocurrency markets and new developments.
mm

Lindsay Benjamin

Between blockchains and the unregulated sector, cryptocurrency has come a long way already. For it to be integrated into the normal economy, there is still a lot of ground to cover. Lindsay understands this and conveys the fluctuations in the cryptocurrency markets and new developments.

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