2 min read
Yes, the Bitcoin prices displaying a massive drop on Tuesday. Well, there is good news too. Crypto investors continue bullish! So the BTC price will surge again.
As BTC recorded a huge fall and fell about 13%, investors and traders persist optimistically. They expect the bull market to recover quickly.
Bitcoin price made a sharp drop yesterday (September 25) falling almost 16%. The daily open was at $9,691 but recorded a new low at $8,164. The price support was broken at $9,090 leaving the area that it has been trading in since June.
In doing so, price broke strong support at $9,090 and exited the area that it has been trading in since June. Bitcoin’s price action continues bearish under this scope.
But nothing is finished. Today’s chart (at the time of writing) shows some uptrend. A small one but still.
The larger picture reveals regular price action with prior corrections.
Traders-Paradise wrote about the second-largest German exchange in Stuttgart which started Bitcoin trading. Also, Bakkt starts and SoFi, a finance management firm is launching a crypto trading platform.
Are people still micro wise? Well, not all thankfully. BTC price will surge again.
The BTC/USD pair is trading at the $8,407 after hitting a low at $8,125. In the past two days, the price has passed below the SMA200. Dangerous? Yes, but the typical race for Bitcoin. For unexperienced in Bitcoin, the bullish momentum will continue as long as the daily close is above the long term average. The indicator stays on the bullish side of the indicator. You can check it.
BTC/USD needs strong support levels, instead, it may fall even more since BTC/USD had another heavily bearish day on Wednesday. The disturbing element is that the daily confluence indicator doesn’t show any support levels until $8,100.
But even if it goes lower its still a good entry for longs. It is expected the volume further fails on a macro scale. But the price may consolidate if the trading starts again.
Bitcoin’s price is a distraction from the value. Everyone was yelling about Bitcoin’s drop past two days. What is about today? It has recovered.
Don’t judge based on hash rate data. It is an estimation. It isn’t exactness. Until traders start to trade it again the price of Bitcoin may stay on the low level. The point is, Bitcoin may drop slightly more in the next few weeks, with frequent ups and downs but to the end of the year, it may surge again, and more than anyone can expect. That’s the nature of Bitcoin and the beauty of the game