RATE Group | Bitcoin Gloom to Worsen after Key Indicator Flags Red, Warns Analyst
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Bitcoin Gloom to Worsen after Key Indicator Flags Red, Warns Analyst

28 Sep Bitcoin Gloom to Worsen after Key Indicator Flags Red, Warns Analyst

Posted at 19:33h in Cryptocurrency News by

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In the past seven days, the bitcoin price (BTC) plunged from $10,100 to $7,736 in a steep overnight pullback that liquidated close to $800 million worth of long contracts on cryptocurrency margin trading platforms.

The bitcoin price (BTC) dropped by more than $2,300 in the past seven days amid deep cryptocurrency market sell-off (source: Yahoo Finance)

Holger Zschaepitz, a market analyst at Welt, said the week became worse for bitcoin as the 200-day moving average of BTC dropped for the first time since April of this year.

He said:

“A tough week for bitcoin just got worse. The digital currency dropped below 200d MA for 1st time since early April. Bitcoin has erased some 20% of its value this week, on track for its worst performance since November.”

The $2,300 drop in the bitcoin price within a span of seven days left many of the strong lower level supports breached in a short time span, placing the cryptocurrency market at risk of a larger pullback in the near term.

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