RATE Group | Bitcoin Just Dropped Below $6,500: Why It’s Risking a Big Fall to $5,000
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Bitcoin Just Dropped Below $6,500: Why It’s Risking a Big Fall to $5,000

18 Dec Bitcoin Just Dropped Below $6,500: Why It’s Risking a Big Fall to $5,000

Posted at 14:04h in Bitcoin News by

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  • Bitcoin has closed below its long-term support as it dropped to $6,430 on BitMEX.
  • The breakdown brings the cryptocurrency’s 200-weekly moving average in view as the next pullback target.
  • The said MA in December 2018 had capped the asset’s downtrend from flourishing.
  • As of now, it sits near the lower-$5,000 levels.

Bitcoin risks plunging to its eight-month low after closing below a crucial support level earlier last week and dropping to the $6,400s.

The benchmark cryptocurrency invalidated its 50-weekly moving average support for the first time since May 2018. The historical level confirmed bitcoin’s long-term bullish bias in periods when the price was trending above it.

Conversely, it alarmed traders about imminent bearish corrections when the price slipped below it.

bitcoin, bitcoin price

The role of 50-period MA in bitcoin’s recent price behaviors | Source: TradingView.com, Coinbase

The last time bitcoin closed below the 50-weekly MA had resulted in a price drop of approx 61.39 percent. On the other…

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