RATE Group | Bitcoin Price Risks Drop to $7.5K After Third Biggest Daily Loss of 2019
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Bitcoin Price Risks Drop to $7.5K After Third Biggest Daily Loss of 2019

25 Sep Bitcoin Price Risks Drop to $7.5K After Third Biggest Daily Loss of 2019

Posted at 12:43h in Bitcoin News by

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  • BTC looks set to test support near $7,500, having confirmed a bearish reversal with a high-volume triangle breakdown on Tuesday.
  • The cryptocurrency’s violation of the historically strong 55-candle exponential moving average (MA) on the three-day chart also favors a deeper price slide.
  • The outlook would turn bullish if prices quickly rise above Tuesday’s high of $9,782, although that looks unlikely at press time.

Bitcoin fell sharply on Tuesday, confirming a bearish reversal and opening the doors for a test of crucial price support near $7,500.

The leading cryptocurrency by market value ran into selling pressure around $9,700 in the early U.S. trading hours and fell to a 3.5-month low of $7,998 at 19:45 UTC on Bitstamp.

BTC had been on slippery ground following Tuesday’s volatility band breakdown. A widely-followed indicator was also reporting the strongest a bear bias in nine months, as discussed earlier this week.

The price slide was likely exacerbated by…

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