23 Jan Bitcoin Plunges on Profit-taking, Losses Limited by Coronavirus Outbreak
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Bitcoin entered a negative slope on Thursday as traders took profits from its latest price rally. But the cryptocurrency remained above a strong technical support level.
Spot BTC/USD exchange rate was down 3.84 percent at $8,360.87 ahead of the New York morning session open. At the same time, bitcoin futures listed on CME fell by more than 6 percent. to $8,385.
$BTC #BITCOIN
Getting towards the area, which is basically the high from 8 January.
Given that everybody wants to long $8,200-8,250, I doubt we’ll reach it, if we are bullish.
S/R flip of this area would be good.
Main goal; breaking back above $8,500 to flip that area. pic.twitter.com/0OESq9roiZ
— Crypto Michaël (@CryptoMichNL) January 23, 2020
The downside move followed bitcoin’s massive price rally at the beginning of this year. As of January 13, the cryptocurrency had jumped by 43 percent from its local bottom of $6,430, established in December last year. Part of those gains came after an escalation in US-Iran tensions…
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