Bitcoin was on a tear. This was the cause for concern for many technical analysts.
The pullback is putting a damper on the bull case. Some major technicals were broken meaning we might see more to the downside.
Bitcoin is the largest cryptocurrency and hit 60% of the total cryptocurrency marketcap. The last time we saw the number that high, things did not go well.
After charging into the $8,000 range, a flash crash dropped it 15%. The currency settled near $7,200.
Many feel that the overbought conditions mean that Bitcoin will eithe rfall more or consolidate. This is a necessary move to establish a healthy chart. The run up was just too much, too fast.
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