The value of bitcoin has fallen by over $ 600 in one night. The cryptocurrency is now trading at $ 7,600, its lowest level in 35 days. For some, it is a "death cross", that is, a statistical confirmation of longer-term trends. In short: a decline without hope of recovery.
The BTC / USD price marks a sharp decline in the $ 8,200 area to $ 7850 / $ 7800, where it still finds a little support now, reports the PFX economic news portal of the University of Forex.
Below, the BTC could fall back towards the 7700 and 7600 USD, before the threshold of 7500, then 7200. On the upside, a value above the 7950/8000 dollars could revive the dynamic towards 8100, 8150 and $ 8250.
The price of bitcoin last approached $ 9,000 nearly a week ago, May 15, when it was trading at $ 8,850, but failed to surpass that bar, after which its price plummeted .
Several analysts have previously estimated that the bitcoin should rise to $ 10,000, many traders and investors sat with their breath, hoping that the cryptocurrency would again reach a five-digit value and prove to the world that it was not a coincidence , and that its course last December was not just a random occurrence, says the website Crypto Currency News.
Bitcoin therefore weakens, but the support area of $ 7800 / $ 7,700 must yield to decide the long-term destiny of this virtual currency.