Yesterday, Bitcoin saw a drastic drop after going above $9000 in a very short time. The drastic drop which finally stopped at $8200 baffled the cryptocurrency community. Observers agreed that Bitcoin’s fall was a result of panic sell off amounting to $20 billion.
What Today’s Gazette gathered yesterday was that Bitcoin touched 9010 USDT on Binance before an immediate dump back to 8600 USDT level.
Bull Run Not Over, But Bitcoin Can Touch $7K
A YouTuber by the name Carl who anchors The Moon, a video podcast centred on cryptocurrency, analysed the 12% downward movement, saying it could be a rising wedge.
He added, the fact that Bitcoin got this big whiff to the upside before dumping down again might possibly be a sign that its is topping out.
Carl said if the major support zone $8100 holds then it is easy to surmise that the bull trend is not dead yet. He said the bulls are presently being threatened directly by around the $8100 support level.
If Bitcoin breaks the support level, then there’s no doubt that it will come down to its $7000 or $7050 target.
Alanmasters Saw Bitcoin at $8,210 Before Going to $9,999
On May 28, Alan Master, a top Trading View cryptocurrency analyst, foresaw that Bitcoin could touch $7200 before it finally returns to $9999. While Alanmasters did not delve so much into this, he pointed that Bitcoin is starting to retrace back to $7200.
His signs of retrace at that time are:
Moving below EMA10.
Bearish divergence on the MACD and RSI.
At that time, he said if Bitcoin moved up and closed above the last peak $8947, his above signals are invalidated.
Bitcoin in the Market
Bitcoin is trading around $8312 after losing around 12% in a short time. The digital asset has a market cap of $147 billion, 24h volume of $28 billion with 4% loss in the last 24h.
Oliver is an online publisher, managing various blogs through the years.
He had contributed to multiple news portals in the US and the UK.
His interest varies from Political Agendas to recent Technological advancements.Oliver joined as the Chief Editor for Today's Gazette, before been releaved by another Editor. Contact: firstname.lastname@example.org.
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