RATE Group | Analyst: Bitcoin Price Drop Could Put its Gold 2.0 Status in Jeopardy
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Analyst: Bitcoin Price Drop Could Put its Gold 2.0 Status in Jeopardy

11 Oct Analyst: Bitcoin Price Drop Could Put its Gold 2.0 Status in Jeopardy

Posted at 18:02h in Bitcoin News by

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Over the past month, Bitcoin saw an unprecedented period of trading within a tight range, which has finally broken for the worse. The move could mark the continuance of the persisting bear market and adds a significant amount of work for bulls looking to reverse the market trend.

Today, Bitcoin’s price took a sharp fall from approximately $6,600 to just under $6,300, marking the first major breach of the previously established trading range. Over the past month, Bitcoin has been trading between $6,300 and $6,800, with this range tightening over the past couple of weeks.

Just prior to this price swing, Bitcoin had established an incredibly tight trading range between $6,550 and $6,650, which appeared to be stable until the latest drop, which brought its price to the bottom of the wider monthly trading range. It has found some stability at this price level, but it is unclear whether or not it will maintain its current price of $6,300.

Bitcoin Prices Tied to Global Equities…

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