Bitcoin’s price fell below $8k on Thursday for the first time in three months, though the cryptocurrency is still more than double its level at the start of 2019, after the bull in December 2019
What did these volatile moves meant for the crypto world in general?
With bitcoin, when there’s potentially a drop, you can see it as a chance to hoard a lot of crypto with your dollars.
Catalysts for price action.
And while the next halving – a periodic reduction in bitcoin mining rewards, expected to occur around May 15, 2020 – is potentially bullish, both the technical and fundamental views point toward uncertain times ahead for BTC’s direction after its recent sell-off threw into question the long-term trend.
Soravis Srinawakoon, co-founder and CEO of decentralized data governance project Band Protocol, said:
:"Looking at the technical chart of Bitcoin, we’ve been seeing a squeeze in a descending triangle of the bitcoin price in the past few days. Combined with the recent disappointing launch of Bakkt, it is clear there is an overall negative macro sentiment in the market."
Disclosure: The author holds no cryptocurrency at the time of writing.
1-BTC looks set to register its biggest weekly loss of 2019, having fallen by 20 percent since Thrusday.
2-The cryptocurrency has found acceptance below the 200-day moving average and risks extending the drop to support near $7,500 over the next few days.
3-A 4-hour chart indicator is calling a little corrective up-bounce, but it will likely be short-lived.
