RATE Group | Bitcoin Dips Below $8K in First Since June
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Bitcoin Dips Below $8K in First Since June

25 Sep Bitcoin Dips Below $8K in First Since June

Posted at 04:33h in Bitcoin News by

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Bitcoin (BTC) has once again shocked investors after a sharp sell-off Tuesday saw it quickly drop $1,000 in value during a single trading session.

Over the course of 30 minutes, beginning at 16:00 UTC on Sept 24, prices dipped below $8,000 — its lowest point since June 12 of this year. In addition, $30 billion has been drawn out of the market over a 24-hour period as investors sought to close their positions amid a frenzied sell-off.

Eyes are now firmly fixed on the 200-day moving average (MA) that would officially mark the start of a new bear market should a strong close below $8,311 occur.

The price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, according to a previous report by CoinDesk.

In any case, BTC’s 2019 bull market hangs on a thread.

As can be seen above, BTC has begun to break down from a bearish descending triangle that had been noted by a large portion of the crypto Twitter community since as early as Sept…

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