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Home / Business / Bitcoin Price Falls 6%; Is BTC Really Exposed Under $ 6,000?

Bitcoin Price Falls 6%; Is BTC Really Exposed Under $ 6,000?



CCN: Over the last 24 hours, following an intense 25 percent rally within a seven-day period, the bitcoin price has slightly retracted to around $ 7,000 from the top of $ 7,500, by nearly 6 percent. [19659002] Several technical analysts assumed that a smaller one would occur when the bitcoin price increased from $ 5,000 to $ 7,500 in a relatively short time frame showing a parabolic upward movement.

Bitcoin price has fallen by more than six percent in the last 24 hours In a small correction (source: coinmarketcap.com)

Although bitcoin technical indicators have shown oversold conditions after their strong rally, the momentum of the dominant The crypto curve allows the asset to maintain its positive development in the short term.

Why a large withdrawal is unlikely for Bitcoin

Speaking to CCN in an interview, a cryptocurrency actor known to society as "Satoshi Flipper" explained that it makes sense to expect bitcoin to recover a little in the short term coming off a $ 2,000 movement in less than a month.

The trader said he has been vocal about a potential bitcoin retrace, which would be healthy for the asset, but does not see the drop to the $ 4000 region that some have claimed.

"I have definitely been vocal about a healthy BTC retrace, but I don't think there will be a drastic 30% retrace back to $ 4k. When we form a local peak, I think we will maximize 10%, and Set us down sideways, "the trader said.

On May 12, bitcoin experienced a six percent sale of $ 7,500 to $ 7,000 and has recovered slightly to $ 7.080. It is still uncertain whether the asset's full retracement has concluded, but after a slight correction, the trader added that the alternative market for cryptocurrency (altcoin) is likely to recover.

"That's when we are going to have a real full-time season that everyone expects. With immediate recall, alcoins will take a little hit, but when the BTC goes down, altcoins will come in a tremendous way," he noted.

Alex Krüger, a global market analyst, said he did not expect bitcoin to undergo a strong correction as it surpassed the $ 7,000 resistance level and eventually hit a new 2019 high of $ 7,585.

The property was met with a retracement, a near-time movement that many traders see as an ideal step back in establishing the necessary basics for the next potential upward movement.

"Sanity reigned over BTC overnight, correcting 11% lower. Yesterday's move over $ 7,000 had begun to make many, including me, doubt that a strong correction would occur anytime soon. Cognitive disturbances may affect us all , [analyst] .

With a relatively large retracement already in place, analysts generally do not see a significant drop in the bitcoin price below the $ 6,000 mark. [19659015] Last time $ BTC this overbought (RSI) on a daily chart was December 6, 2017, with a price of $ 13700. Then there was a parabolic move.

– Alex Krüger (@krugermacro) May 11, 2019

However, it is important to note that before the bitcoin correction on Sunday, the Strength Index (RSI) showed oversold conditions.

Continuous Movement Likely?

With the "real 10" verifiable daily spot volume of bitcoin over 1 , 8 billion do However, the interest in crypto curves, in general, increasingly, an ideal movement for the BTC will be a gradual rise to high levels of resistance.

Click here for a real-time bitcoin price chart.


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