RATE Group | Bitcoin Crashes Back to $7.4K Completely Wiping Out the October Rally
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Bitcoin Crashes Back to $7.4K Completely Wiping Out the October Rally

21 Nov Bitcoin Crashes Back to $7.4K Completely Wiping Out the October Rally

Posted at 20:17h in Bitcoin News by

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Bitcoin (BTC) finally dropped all the way down to the $7.4Ks in minutes as anticipated in our previous analysis if the key $7.8K level did not hold. 

Cryptocurrency market daily performance

Cryptocurrency market daily performance. Source: Coin360

Over the past week, BTC/USD has faced a slow grind down to the $8,000 price level. Now, Bitcoin also broke below its 0.786 Fibonacci retracement level as well — its last major level before a confirmed full retrace of the Oct. 25 rally to $10,500. 

After a short bounce, Bitcoin has bounced back to around $7,600 at press time.

“China bans Bitcoin” FUD works again

As Cointelegraph reported, rumors of Chinese authorities raiding Binance’s Shanghai offices were likely also responsible for the drop. However, the exchange said that they had not received a notice from Chinese authorities, which required Binance to detail its activities. 

Specifically, a Binance spokesperson denied the rumors, saying: 

“Binance has no fixed offices in Shanghai or China, so it makes no sense that…

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