THELOGICALINDIAN - The big move that anybody was cat-and-mouse on assuredly came a few hours ago Bitcoin BTC amount was burst to a three ages low of 8000 while crypto markets afford over 30 billion in the resultant altcoin exodus
Bitcoin (BTC) Price Descending Triangle Broken
There is not abundant to be blessed about today as crypto markets ache their better circadian blast of the year. Bitcoin plunged through its abiding abutment akin in the mid-$9,000s to basal out at $8,000 afore bouncing aback a little.
The massive move agape 17% off the amount of BTC in 24 hours in one of its better depression this year. It has not been abrupt about as abounding analysts had acicular out that the bottomward triangle was a bearish blueprint pattern.
According to Tradingview.com BTC bounced off the $8k abutment band as buy orders were triggered. When the agenda dust acclimatized it begin some abiding arena at $8,500 and is currently trading at [coin_price].
The bitcoin fear and acquisitiveness index plunged into agitation approach and is currently registering ‘extreme fear’ at 15. Analyst and banker Josh Rager said that BTC needs to breach aloft accepted levels or there will be a retest of abutment at $8k.
He added that there are a lot of buyers cat-and-mouse amid $6,180 and $6,500. Fellow banker Nick Cote has been ecology the two anniversary academic which could arresting a beyond trend reversal.
Most are of the assessment that further losses are inevitable so a bead beneath $8k for bitcoin could follow.
Major Pain Elsewhere
The altcoins accept all jumped off the bluff like the agenda lemmings they are. Total bazaar assets has been burst over $30 billion in 24 hours in a abatement aback to $225 billion and best crypto assets are adversity double-digit losses today.
Ethereum has dumped aback to abutment at $170 in a 16% accelerate while XRP has hit a new annual low beneath $0.24. Tether has addled Bitcoin Cash in agreement of bazaar cap as BCH gets formed 23% aback to $225.
Litecoin, Binance Coin, and EOS accept all dumped 16-20 percent and BSV has been annihilated 25% falling beneath $85. The altcoin departure is not over yet as about all of 2019’s assets get wiped out in one abrupt cull.
How low will bitcoin amount abatement this time around? Add your thoughts in the comments below.
Images via Bitcoinist Image Library, BTC/USD archive by TradingView, Twitter: @Josh_Rager, @mBTCpizpie
