Bitcoin’s Drop Has Put Bulls on the Defensive; Here’s What May Spark a Further Sell Off

2019-12-25 00:00

Bitcoin’s recent bullishness has been thwarted by bears who have attempted to push the cryptocurrency back down to its support within the lower-$7,000 region, and it is imperative for bulls to support BTC above this region if they want to further extend their upwards momentum.

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Analysts Expect Bitcoin to Drop Towards $7,300 After Failing to Stabilize Above $8,000

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Bitcoin: BTC Stabilizes After Sinking Below $3,500, Analysts Claim it is Likely to Drop Further

Following a long period of sideways trading, Bitcoin (BTC) has now broken down below its previously established support level around $3,500. Today’s drop appears to have allowed BTC to establish support in the $3,400 region, but further volatility could easily push it down towards $3,000, where the cryptocurrency has significant buying pressure.

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Ether Price Analysis: Untested Support Leaves Shaky Foundation During Drop

Much like the rest of the crypto market, ether has found itself devalued by more than 90% since its all-time high of $1,400 back in December of 2017. And now, almost a year later, ether sits just above $100 on what appears to be shaky ground during its latest round of selling over the last few weeks:Figure 1: ETH-USD, Daily Candles, Rapid DescentSimilar to bitcoin’s movement discussed in yesterday’s article, ETH-USD experienced a parabolic growth profile during its bull run.

2018-11-28 01:55