Bitcoin (BTC) Price Drops Down to $7,730 in Another Crash
The leading cryptocurrency today crashed yet again and went under $8,000.
The last time BTC was at this level was in early June.
Trading volume meanwhile, has come down from over $2 billion to just above $1 billion, as per Messari.
Crypto fear and greed index, meanwhile, has dropped down to extreme fear, recording a reading of 12. The index is constantly sliding to a new low, from 41 last week to 15 point yesterday and even lower today.
The index shows a value of 0 to 100 with 0 meaning “Extreme Fear” and other extreme is defined as “Extreme Greed.”
When an extended period of consolidation breaks its range, one should expect a large move to ensue immediately, followed by continuation.
That's what technical analysis is for.
One would think crypto speculators learned that from 2018 and avoided getting run over this week.
— Alex Krüger (@krugermacro) September 26, 2019
“Extreme Fear can be justified as there is still significant downside risk. We will likely see a coordinated attempt to Buy Blood across multiple TFs.”
said CT trader that goes by Mr. Anderson.
“If these TF's get overextended w/o making up much ground. (M30, h1, h2) Pros will flip & more PAIN will come,”
"Wont see 7.4k again" – shut the fuck up
— TraderX0 (@TraderX0X0) September 26, 2019
As BTC drops, altcoins drop harder.
Total market cap has fallen to $209 billion, which was trading at $272 billion just last week. BTC dominance, meanwhile, is saying above 70% at 70.70%, all thanks to the deeper loss altcoins are recording.