Share this article
Bitcoin Dips Below $8K in First Since June
Bitcoin has once again shocked investors after a sharp sell-off yesterday saw it strip over $1000 in value in quick succession.
Updated Sep 13, 2021, 11:29 a.m. Published Sep 25, 2019, 1:27 a.m.
Make us preferred on Google
Bitcoin has once again shocked investors after a sharp sell-off Tuesday saw it quickly drop $1,000 in value during a single trading session.
Over the course of 30 minutes, beginning at 16:00 UTC on Sept 24, prices dipped below $8,000 -- its lowest point since June 12 of this year. In addition, $30 billion has been drawn out of the market over a 24-hour period as investors sought to close their positions amid a frenzied sell-off.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Eyes are now firmly fixed on the 200-day moving average (MA) that would officially mark the start of a new bear market should a strong close below $8,311 occur.
The price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, according to a previous report by CoinDesk.
In any case, BTC's 2019 bull market hangs on a thread.
As can be seen above, BTC has begun to break down from a bearish descending triangle that had been noted by a large portion of the crypto Twitter community since as early as Sept 2.
Further, the $1,000 price drop flies in the face of Bakkt's recent futures launch, which was supposed to be a bullish catalyst but has so far fallen short of expectations.
Technicals point to the possibility of a short-term bounce, courtesy of an extreme oversold RSI on the daily chart and weaker histogram bars below 0. However, a measured move (the drawdown from peak to trough within the triangle) adds scope for a continuation to prior June 2018 supports near $6,100.
Pressure is on buyers to hold the defensive and retain the official bullish status above the 200-day moving average at $8,311.
All prices below that point would add credence to a new bear market for the remainder of 2019.
Disclosure: The author holds no cryptocurrency at the time of writing.
Bitcoin image via Shutterstock; chart via Trading View
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin climbs above $89,000 as U.S. dollar tumbles on President Trump's remarks
The president said he isn't concerned about the dollar's recent declines, sending the greenback plunging even lower.
What to know:
- Bitcoin rallied above $89,000 as remarks by President Trump sent the dollar to its lowest level in nearly four years.
- Gold rose to a new record above $5,200 per ounce following the president's comments.
- One analyst is seeing a bullish technical divergence which could send bitcoin back to $95,000 in short order.
Top Stories
