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Bitcoin Price Crash: Where are we heading?

The major reason for the downfall of Ethereum is large selling by ICOs which kept bringing the price of ETH down the whole ye
The major reason for the downfall of Ethereum is large selling by ICOs which kept bringing the price of ETH down the whole year.

Cryptocurrency market is once again facing the massive bearish momentum with the price of major cryptocurrencies especially bitcoin falling rapidly. The cryptocurrency market has lost more than $6 billion in just today from around $142.5 billion to around $136 billion.

Bitcoin started to rise again in the past two days with a major correction from $3600 to $4300 but now it seems that the bears have not returned yet. As it was being predicted by major cryptocurrency analysts the price has not bottomed yet and it seems that bitcoin is again going to test the major support around $3500 and $3600.

Bitcoin Price Analysis

BTCUSD 1 day chart
BTCUSD 1 day chart

Technical analysts are predicting bitcoin price in danger zone and may fall below the $3600 range soon. Bitcoin failed the break the key resistance around $4300 and $4400 which resulted in the major crash. Analysts had mentioned that even after the major recovery of bitcoin, the price hasn’t bottomed yet and that bitcoin may again test the same support level around $3500. It is also predicted that the price of bitcoin and other major cryptocurrencies will likely be bearish for some months before it can actually recover. Bitcoin had recorded a gain of 13% yesterday which was the highest amount of rising per day since April this year. As always, major altcoins are following bitcoin in the crash recording a loss of over 10% for major coins.

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