The price of the leading cryptocurrency abruptly slumped down 5% in a jiffy. Technical analysts have suggested that the drop might have been triggered because of the $33 million bitcoin liquidation that occurred on the margin trading platform BitMex. This fall indicates a short term downtrend for the leading cryptocurrency.
At the time of writing, BTC is changing hands at $8,355. Bitcoin is likely to test lower support levels before it picks up an upward momentum. Earlier this week price of bitcoin spiked over $1000 to make a remarkable recovery after it slumped down to low $7,800.
Crypto analyst Josh Rager tweeted that BTC wants to see price above $8,450, or its likely to break back down. $8,800 is still a key area to break above, he added. Crypto analysts also believe that the launch of Bakkt has also played a significant role in the recent price fluctuation of bitcoin.
$BTC – want to see price stay above $8450
Or it's likely to break back down – $8800 is still key area to break above
But it seems like more and more people are talking about and big players in this market know what we're thinking and saying 🙂 🤔
Will continue to re-evaluate pic.twitter.com/SivGTWVCv1
— Josh Rager 📈 (@Josh_Rager) October 10, 2019
A comparison of the corrections with the 3 year MA is interesting – price first pushes through, breaks above, then comes back to it for support. This lines up nicely with other factors suggesting a 6.7K odd target. pic.twitter.com/2pNnj8jqVr
— dave the wave (@davthewave) October 9, 2019