Bitcoin News
By Sydney TheCMO
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It’s a tough day to be a Bitcoin hodler today, judging by the bearish market performance. The cryptocurrency tanked more than 34% in the last 24 hours.
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The cryptocurrency's current performance is due to panic selling caused by China's recent ban preventing Chinese businesses and companies, including banks, from engaging in any…
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Crypto traders are concerned because the current bearish market pushed the price of Bitcoin below the $40,000 level, which was a critical support level.
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Bitcoin’s technical performance confirms strong bearish momentum due to massive sell-offs related to China’s new crackdown on cryptocurrencies.
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Bitcoin's price has a cyclic performance where a market correction usually follows a strong buy or a strong sell.
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Bitcoin is currently approaching the $30,000 price level, which previously created a support level between January 22 and January 28.
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The last crypto crash took place in March 2018 on a fateful Thursday, during which the price of Bitcoin tanked by 51.4% in 24 hours.
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Although it is necessary to exercise caution as a trader, now is also an excellent time to look for signs of the price bottoming out.
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A proper recovery will likely push Bitcoin back above $42,000 in the near-term. A large sell-off like what we witnessed in the last 24 hours means the price is susceptible right…
The Currency Analytics
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