Bitcoin Records 3rd Red Week in a Row as Price Drops Under $9,500
- BTC price slid as low as $9,320
- Investor in “extreme fear” as monthly chart looks ugly
- Following Bitcoin, Altcoins plunge, wipes out almost $20 billion from the market cap
Just yesterday, we have been reporting how the Bitcoin price clock is ticking and commentators have been expecting Bitcoin to finally make a move.
And Bitcoin did.
The world’s top cryptocurrency went from nearly $10,300 to the lowest level of $9,320.
First, we lost over $400 in under 10 minutes then continued going lower.
This is the third red week in a row after Bitcoin registered continuous gains since February. But this isn’t a surprise either.
During the 2017 bull cycle, Bitcoin has at least 3 weeks (around March, July, and August) of drop in a row multiple times.
Price is nearly weekly support but trader and investor Josh Rager points out, “monthly chart looks ugly too.”
— PlanB (@100trillionUSD) August 29, 2019
These retracements might not be something different than any previous cycles but this bloodbath has people in “extreme fear,” as per Crypto Fear and Greed Index.
Since mid-July, the investors have been running in fear, primarily when BTC price first went to $9,150 level.
At the time of writing, Bitcoin has been trading at $9,445 with 24 hours loss of over 7% while managing the daily trading volume of $1.4 billion, as per Messari.
However, Bitcoin dominance is still strong at 71.47% as altcoins fall even harder.
Binance Coin (BNB) is leading these loses as it drops hard by 13.77% while others are down between 5 to 12%. This wiped out almost $20 billion from the total market cap.
In 2019, altcoins have dumped no matter the direction Bitcoin moves, upward or downward. And when altcoins weren’t falling they were going flat as Bitcoin traded sideways.
Despite a sudden shock to the prices, the plunge has been expected.
“Trouble in paradise. The ~9800 support area (green) unsurprisingly gave out today after 6 tests in short succession. That led to the range bottom getting hit once more, making this the 5th test this quarter,”
said analyst DonAlt.
As a matter of fact, analysts and traders on Crypto Twitter have long been calling out for the drop. The fall, however, has been projected to $8,500 so, it’s to be seen if Bitcoin will finally break below $9,000.