Bitcoin falls below $ 8K only since June

Bitcoin (BTC) has once again shocked investors after a strong sale on Tuesday saw it quickly fall in value by $ 1000 during a single trading session.

Within 30 minutes, starting at 4:00 pm UTC on September 24, prices dipped below $ 8,000 – the lowest point since June 12 this year. In addition, $ 30 billion has been withdrawn from the market over a 24-hour period as investors tried to close their positions amid crazy sales.

The eyes are now fixed on the 200-day moving average (MA) which would officially mark the start of a new bear market should a strong close below $ 81111 occur.

The price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, according to a previous report by CoinDesk.

Regardless, BTC's beef market in 2019 is hanging on a thread.

As noted above, BTC has begun to break down from a bearish descending triangle that had been listed by a large section of the crypto-Twitter community since September 2 .

Furthermore, the $ 1000 price drop flies in the face of Bakk's recent futures launch, which was supposedly a bullish catalyst, but has made it far below expectations.

Technically points to the possibility of a short-term rejection, allowing for an extremely oversold RSI on the daily chart and weaker histogram fields below 0. However, a measured move (the top-to-bottom drag of the triangle) allows for a continuation before June before 2018 supports close to $ 6,100.

The pressure is on buyers to hold the defensive and keep the official bullish status above the 200-day moving average of $ 8,311.

All prices below that point will give credence to a new bear market for the rest of 2019.

Publication: The author has no cryptocurrency at the time of writing.

Bitcoin image via Shutterstock; chart via Trading View