The cryptocurrency market was soaring until the bears attacked the market in a brutal manner on May 31. Bitcoin [BTC], the largest cryptocurrency in the world, dipped by over 12% in five hours, according to Coinbase’s Trading View chart.
BTC graced the $9k mark before falling under $8k momentarily, during the fall which happened on May 31. However, BTC did manage to get back on the horse and be valued at over $8k. Mati Greenspan, senior market analyst at eToro, expressed his disappointment in Bitcoin’s trend and said.
“The aggressive rising trendline we’ve been tracking (yellow line) is now broken.
We could redraw the line to include yesterday’s prices but I’d rather not.”
He further added,
“Psychological support (white) is holding at $8,000. If it does break, the next major support is $6,400.”
If BTC was to fall further, the next support for the largest cryptocurrency was $8k. There was a strong support for the coin and market sentiment had not been impacted much yet. However, even a minimal fall in BTC’s price would impact most altcoins, which was clear from recent price movements. However, one Twitter user, @TokenAddict, was of a contrary opinion,
“Not exactly a stretch to get back to 8500, but regardless it’s been a good market and no reason to pancake fire sale because of some technical jumbo. BTC is a long term hold.”
At press time, BTC was valued at $8,346.45 with a market cap of $146.6 billion. The 24-hour trading volume of the coin was noted to be $28.86 billion, as it reported a fall of 4.39% over the day. Over the past seven days, BTC noted a growth of 4.87% and continued to grow by 0.28% within the hour.
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