The USD price of Bitcoin dropped around 8-9% over the past two days, moving down from its previously settled support of $8,100 to reach lows of $7,460 before arriving at $7,538 at the time of writing.
While there is some support around the $7,200 range, Bitcoin’s price could swiftly drop to $6,800 or $6,600 if this is the beginning of a new downtrend.
Below is the 4h BTC/USD chart with the drop highlighted by the box:
The mentioned supports of 7,200, 6,600 and 6,800 are shown below, also 4h BTC/USD:
It seems like the bull run which began from the low $5,800 range has tapered off and is now trading in the $7,750-7,550 range for the past 24h at the time of writing. We’ll have to wait to see whether the ~$7,500 support can provide a bounce back to test $7,700 and eventually $8,000 resistance levels again in the next couple of days.
Bitcoin’s current percentage of the total cryptocurrency market capitalization is currently 47.90% at the time of writing according to CoinMarketCap.
News Coin Today is not a source of financial advice.