Yesterday the Bitcoin price had a big dip to $14014 on Bitstamp. I did not expect this. I was hoping that the Bulls will hold support at $15585. This did not hold and it even went through the bigger support of $14290.
It was very interesting to see that Bitcoin was falling with other Altcoins. So what happened? It seems like there was a big correction on CoinMarketCap.com market capitalization. It fell $100bn in one go. The reason was that they removed the Korea Exchanges from the stats.
There was other news from China that they want to curb crypto mining electricity usage. All this is just FUD and the market recovered some of the losses for the day. But why is the market so fearful. Are we in for a big correction? I don’t like this fear in the air.
Many analysts are looking at price above $23000, but these same analyst have opposite or alternative views that we could see $7500 too. So, are they reading the charts wrong or are they missing something on the charts? Or is it just me?
On the positive side you could have bought Bitcoin at $14014 yesterday. The price is at $15000 now and bounce is still on. You are in nice profit. 😊
Here is the technical analysis from The Chart Guys on Bitcoin:
Please comment below with your thoughts on the Bitcoin price.
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