RATE Group | Bitcoin Risks Falling to $4,000 after Poking Long-Term Support
81015
post-template-default,single,single-post,postid-81015,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Risks Falling to $4,000 after Poking Long-Term Support

27 Feb Bitcoin Risks Falling to $4,000 after Poking Long-Term Support

Posted at 12:39h in Bitcoin News by

[ad_1]

Worried traders dumped bitcoin positions again on Thursday as it failed to serve as an insurance asset amidst rising Coronavirus fears.

The bitcoin-to-dollar exchange rate fell to $8,520 in a massive overnight selling, extending its net week-to-date losses by up to 15.05 percent. The downside move came alongside a $$196 million worth of bitcoin liquidations on BitMEX, a crypto derivative platform that offers up to 100x leverage.

The drop, meanwhile, came as a part of a broader bearish correction trend. The price of bitcoin plunged by 19.03 percent after establishing a year-to-date top of $10,522, showing that the cryptocurrency is entering a new downside phase.

Poking Long-term Support

Bitcoin’s depressive action this Thursday also brought it closer to testing a long-term support area. As shown in the chart below, the cryptocurrency fell right before the blacked…

[ad_2]

Source link

Tags:
, , , , , ,