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Bitcoin price fails to hold the $8000 level support and slips below as the mounting selling pressure hint towards further downside ahead in the short term.
Over the last one week, Bitcoin price has lost 20% of its valuation with its price going from above $10,000 to now below $8000 levels. The BTC price is down 3.55 in the last 24 hours making a low of $7836 according to CoinMarketCap. At press time, Bitcoin is trading at $7904 levels with a market $142 billion.
In the last one week, Bitcoin has lost nearly $38 billion of its valuations. The Bitcoin price movement for the short-term looks bearish as Bitcoin has failed to break key resistance levels on the upside. Before today, the Bitcoin price was hovering at around $8000 levels trying to form a strong base. However, the selling pressure was high which led to a further downward spiral.
Views of Crypto Analysts and Experts
Last week, technical analyst and crypto trade “Hsaka” warned investors that buy at dips at this stage could prove to be an expensive lesson. It is obvious that Bitcoin has failed to form a strong bottom giving jitters to investors.
Whenever price breaks a multi-month support or resistance, it usually sees continuation in the direction of the break.
Fail to understand the knee-jerk reaction of fighting the first sign of momentum we've seen in ages.
Buying every "dip" is an expensive lesson. pic.twitter.com/SaTfOwgDqA
— Hsaka (@HsakaTrades) September 26, 2019
Another popular analyst Josh Rager said that Bitcoin price can more downfall up to $6300 before changing its direction. Rager said:
“Have been asked how far can BTC drop IMO, the lowest BTC will hit: between $6300 to $6600 where there is major interest Price currently bounced off monthly support & if this area breaks could head to $6600 – based on higher time frames.”
Rager adds that the sort term momentum looks gloomy, however, the long term positive trend stays intact. Besides, from the historical chart patterns, Rager said that Bitcoin has always shown strong bulls before getting ready for extended rallies. He stated:
“It means that a 40% to 50% pullback isn’t that big of a deal when Bitcoin has seen 75% pullback in the past that was followed by a 1600% gain to ATH This pullback too shall pass and will hopefully make for great buying opportunities in the coming days/weeks”.
Another popular technical analyst DonAlt said that any drop below $7700 will be a bear trap. Whereas swift recovery above $10,000 will trigger the trend reversal back to bullish.
A range of 100 days just broke to the downside.
If this is a bullish shakeout it'll be obvious once BTC reclaims $10k.
If this is bearish I don't want to be long.
Buying this feels like buying $5500 after the $6000 break.
Something I'm not willing to do.
— DonAlt (@CryptoDonAlt) September 24, 2019
Major Events Fail to Impress Market
The launch of Bakkt Bitcoin Futures also failed to make any significant impact on the Bitcoin price. Bakkt’s institutional-grade Futures product has not had any sufficient impact in getting institutional players to the crypto market.