RATE Group | Bitcoin’s Selloff Could Turn into a Bloodbath if it Breaks This Key Level
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Bitcoin’s Selloff Could Turn into a Bloodbath if it Breaks This Key Level

10 Feb Bitcoin’s Selloff Could Turn into a Bloodbath if it Breaks This Key Level

Posted at 18:22h in Bitcoin News by

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Bitcoin (BTC) has been experiencing some intense turbulence over the past several days and weeks, with the cryptocurrency’s recent rally to highs of $10,200 leading to an intense overnight rejection that subsequently sent the crypto reeling back into the $9,000 region.

This turbulence has muddied the clarity that many analysts had regarding the strength of the cryptocurrency’s recent uptrend, leading some to flip bearish.

However, this may be unwarranted, as one prominent analyst is noting that Bitcoin still has a far way to drop before it invalidates its recent uptrend, and that pullbacks like this one are natural and healthy when an asset is caught within a firm uptrend.

Despite this, the same analyst also notes that if BTC breaks below one critical support level, this drop could turn into one that is far more intense and far reaching.

Bitcoin Plunges to $9,800 After Rejection at $10,200, Showing that Bears are Still Strong

At the time of writing, Bitcoin is trading down just…

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