Cryptocurrency
Bitcoin Just Plunged 4% After Monthly Close: What’s Next For The Market?
As reported by NewsBTC, “Since the monthly close that transpired at the turn of the month (UTC), Bitcoin has tanked, falling 4% from the $6,500 price where it spent most of the past few hours to a low just above $6,250. “The move lower began just eight minutes after the monthly candle closed, potentially suggesting that […]
As reported by NewsBTC, “Since the monthly close that transpired at the turn of the month (UTC), Bitcoin has tanked, falling 4% from the $6,500 price where it spent most of the past few hours to a low just above $6,250.
“The move lower began just eight minutes after the monthly candle closed, potentially suggesting that market players were intending to keep the cryptocurrency above a certain price ahead of that crucial event.
“Most analysts seem to be convinced that the recent move lower is bearish for the cryptocurrency market, rather than a quick drop that will be followed by a bounce back to the mid-$6,000s.
“Although not a concrete prediction per se, Tyler Coates, a prominent crypto trader formerly known as ‘Financial Survivalism,’ posted the below chart, showing that Bitcoin could head back into the $4,000s should it follow the inverse of the price action that transpired from March 12th to the 18th or so…”