Price Drops after Correction of 800 USDColin Baseman
Bitcoin keeps struggling and the recent statistics show that the crypto’s price has dropped. Now it has reached its two-week low. What is occurring at present became possible after correction of eight hundred USD that followed sell-off. The cryptocurrency is fighting to reclaim ten thousand USD and this battle has reached its abrupt finish. According to experts, that was a natural flow of things since the price experienced a sudden drop to nine thousand one hundred USD. The struggle is always a challenging experience and winning a battle may cost a lot. Strategies and tactics that miners develop do not always work the way they wish.
Most market analysts are ready to explain how the strongest currency managed to fall so soon and reach the lows the community hasn’t seen in the past half-month. As they had predicted, ranging price movement below ten thousand USD allowed another bearish trend and that was the behavior that changed the entire course.
Cryptocurrency market daily overview. Taken from Coin360
The Price Fell Eight Percent
Some of the latest data from the leading mass media outlets illustrate BTC/USD leaving its position. The market witnessed it during the trading held on Thursday. What most saw was a sudden fall through nine-thousand-five hundred-USD support.
After the above-mentioned event, BTC was fluctuating and remained around the mark of nine thousand and five hundred USD. Afterward, it dropped eight hundred USD and this took just mere hours to happen. As a result, the price reached lows not seen by miners for the past fifteen days.
Bitcoin one-day chart. Taken from CoinMarketCap
How the regular course changed its direction was not always easy to predict. After numerous warnings coming from the leading market analysts about the present state, participants started to analyze it. They described it as bearish and that was what triggered the move. Experts dealing with this area were able to warn users that ten thousand USD would keep on evading the most significant cryptocurrency.
Among available sources who made notices is filbiflb – the team announced that investors were not feeling certain enough and their doubt arises when they witness the current conditions that the market is in. At the moment, lows of nine thousand seventy USD appeared right before a humble bounce took the price of the currency to nine thousand three hundred USD.
Following some of the most influential data providers, it looks like selling momentum of the exchange was about to boost pressure. Also, the mass media representatives report that the All Exchanges Reserve pays attention to selling pressure as seven thousand seventy-three Bitcoin brought into exchanges in eight hours. Those interested in more details should refer to comments given by Ki Young Ju who keeps in touch with the press and informs the market about the latest events.
Market specialists also refer to a conclusion published by one of the channels where they state that BTC/USD is going to continue to fall. They explain the key reasons and give examples of similar events in the past. They believe that the newly established price focus of ten thousand USD is not that easy to achieve. There are a few major factors that may influence the further development of the current trend. Keeping track of the recent statistics, carrying out your independent analysis, and doing more research can be a useful practice. Unfortunately, even experienced miners and market specialists cannot foresee how things will move and what changes need to be made to reshape the trend and make it more favorable for those who have great expectations.
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