Bitcoin (BTC), the largest digital currency by market cap, and other cryptocurrencies suffered an abject price loss some hours ago. A crypto analyst has opined that Bitcoin (BTC) could experience more price plummet if it drops below $8,200 Resistance Key Level.
Bitcoin (BTC) had earlier been enjoying price stability since it last surged higher to break $9,000 resistance. BTC shocked the crypto sphere after exhibiting significant price volatility few hours ago.
On 30th May, Bitcoin tested $9,010 level,giving the cryptocurrency enthusiasts and investors means to be vocal in envisaging that BTC’s Bull Run has arrived in full flair.
Within few minutes of settling above $9,000 resistance level, Bitcoin (BTC) price retracted by losing about $600 in quick succession.
However, some analysts had predicted the situation for Bitcoin. Alanmasters, a crypto analyst at Trading View shared that there is possibility for Bitcoin to drop down to $7200 before retracing its steps beyond $9000 resistance level.
At press time, Bitcoin (BTC) is trading at $8,304.30, with 5.21 percent price plummet in the last 24 hours. Where Bitcoin is heading is not certain. Crypto analysts can only envisage and evaluate in their opinions.
Bitcoin can Fall Much Further If It Drops Below its Key Resistance Level
Mayne, a cryptocurrency trader and analyst, shared his opinion on the recent price drop of Bitcoin (BTC) with his teeming twitter followers.
In his sentiment, he pointed that $8,200 resistance level is very vital for Bitcoin’s bull to resist the bear. He stressed that any step below the aforementioned key level could make BTC fall further below. Actually, Bitcoin has settled for long above the level he connoted.
He said “$8200 level is key for the bulls IMO if it’s lost I think we fall much further. As you can see it has been a very important level for a while.”
He continued by pointing that once Bitcoin can break further above $8700, BTC may keep experiencing price upsurge.
“A potential short, not sure if we get it would be a lower high at $8700. If we can regain $8700 I think you get net long AF.”
$8200 level is key for the bulls IMO if it's lost I think we fall much further. As you can see it has been a very important level for a while.
A potential short, not sure if we get it would be a lower high at $8700. If we can regain $8700 I think you get net long AF. pic.twitter.com/Zn5mrseoXG
— Mayne (@Tradermayne) May 31, 2019