Bitcoin Dropped Under $8,500Bitcoin began 2020 with a big rally. It traded at $9,186, giving the investors hope that the price would reach $9,200. However, after a short period, the cryptocurrency began the long downfall, at last dropping as low as $8,200.
During the last days, BTC skyrocketed all of a sudden, and for a while, it seemed that the crypto would hit the record. However, so far the growth turned out short-lived. According to CoinDesk data, Bitcoin fell to $8,290.24 on Thursday. The cryptocurrency declined by about 3.6% from $8,597.33 in less than six hours.
Tim Enneking, the Managing Director of Digital Capital Management, thinks that in the long-term, crypto will manage to grow again even though it may suffer more losses in the meantime. The past six-month downfall has changed to the upside. The progression on lower lows at the bottom of the corridor have also switched to higher lows for the past month or so – says Enneking.
Joe DiPasquale, the CEO of cryptocurrency Hedge Fund Manager BitBull Capital noted, that the current decline could be caused by rejection in the resistance zone between $8,750 and $9,100, following which profit-taking made sense for investors and traders. He also stated that the fall under $8,500 puts additional pressure on Bitcoin’s price.
Despite Bitcoin’s dropping price, there is still strong support between $8,000 and $8,200. Analysts expect that the price to take a breather and decline, at $8,200.
