RATE Group | Here Are Key Factors of the Slip
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Here Are Key Factors of the Slip

27 Jul Here Are Key Factors of the Slip

Posted at 19:37h in Bitcoin News by

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The bitcoin price has dropped by more than $600 within three minutes from $10,069 to $9,440 on July 27 in an abrupt pullback.

The bitcoin price dropped by more than seven percent on the day against the U.S. dollar

Against the U.S. dollar, at its lowest point on the day, the bitcoin price slipped by well over 7.5 percent to $9,333.

Factors behind the drop of the bitcoin price

Throughout the past two weeks, the bitcoin price has shown relatively high volatility above key support levels, unable to break above strong resistance.

According to global markets analyst Alex Krüger, the bitcoin price has had important support levels at $11,300, $11,000, $10,800, $10,300, and $9,500 to defend and within a short time frame, those levels were broken down due to intensifying sell pressure.

Following the dip of the bitcoin price below $9,500, Krüger stated that the next target for bitcoin remains at the mid-$8,000 region, at the $8,500 to $8,600 range.

“The range is now breaking down. 8500-8600 is the next logical stop and first major buying…

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