Bitcoin has reduced its previous support level earlier this morning during a mass sale, leading to a further decline of several months in the aggregate crypto market. BTC has continued to decline throughout the day and it is unclear where it will receive any significant support that will stop its current downtrend.
A leading cryptocurrency analyst now points out that Bitcoin is very likely to move up and down in the short term, which may be driven by two important moving averages that are "punishing" the price of BTC.
Bitcoin plummets below 8,000 nights, causing a new downtrend
At the time of writing, bitcoin is trading just below 10% at its current value of $ 7,500, indicating a significant drop in its recent trading range within the $ 8,000 area, where cryptocurrencies gained significant support. It was .
This negative price action has led the crypto market in general today, with the most prominent altcoins that reflect the price action of BTC and move towards new lows of several months.
Currently, Ethereum is trading at a current price of approximately $ 8 to $ 160, which is significantly notable for its recent high of around $ 200. Litecoin has also fallen today, a sharp 10% drop in a trading period of 24 hours.
This latest decline came after Bitcoin broke the lower limit of a bearish trading range, which has been previously detected.
Wolf of All Streets, a popular cryptocurrency analyst on Twitter, talked about this in a recent tweet that refers to the chart below.
"$ BTC: It seems that the support has weakened. The good bear flag is breaking," he explained.
BTC can be separated for additional losses
The Wolf of all the streets also pointed out that this last downward movement was unprecedented, since BTC had been publishing several bearish candles in recent days and weeks pointing out an underlying weakness.
"$ BTC: Looking at the day, there were some ugly candles on each top of this consolidation. I'm still in no hurry to buy, but the day looks promising for a big oversold dive with RSI. If this confirms Hai, it will reset for me "he said pointing to the formation of candles below.
The next few hours and days will be important to determine where Bitcoin will go next, since the fact that BTC does not make a relief rally in the short term could mean that more losses are imminent.
[…] Bitcoin (BTC) and the aggregate crypto market have led to a notable influx of sales pressures in the last 24 hours, causing many technical losses in many cryptocurrencies, and many leading analysts claim that this latest decline has led to new doors. They have opened Loss […]
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