Bitcoin News
By TCA PR
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What Caused the Crashing of BTC Price?
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Last week, the price of Bitcoin (BTC) rejected and rapidly declined into the $8600 support level following a positioning to the 200-day moving average line.
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Since then, people across the crypto space have witnessed how BTC has been traded around $8600.
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From the past four trading days, the support level of Bitcoin at $8450 has seen with three attempts, which was rapidly got by the bulls.
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Despite the rise of 35% in less than a month, the price of BTC failed to close above the overhead resistance level and even regain its previous highs.
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Following the above $400 sell-off in the late-night hours, the price of Bitcoin temporarily breaks through $8,300.
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It was reported that the leading crypto asset by market capitalization failed to pierce above the 200-day moving average line.
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According to the speculations of crypto analysts, there’s a big chance that BTC’s price is poised to re-test the 50-day moving average that is sitting near $7,500.
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In the case that Bitcoin fails to fall back below the $7,400 level, a fresh low will likely to happen in the next few days.
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Bitcoin is currently fighting over the resistance levels of $8400 and $8450.
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A little below the $8400 and $8450 levels is the $8,300, together with the 38.2% Fib retracement degree.
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On a bullish view, if BTC could successfully protect the $8450 level, then it will result to a first resistance level of $8600.
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After a short-term ascending trend line’s breakdown, the bearish momentum of RSI has been witnessed.
The Currency Analytics
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