RATE Group | Make It Or Break It Time For Bitcoin, Rally In Jeopardy If Support Is Lost
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Make It Or Break It Time For Bitcoin, Rally In Jeopardy If Support Is Lost

31 Oct Make It Or Break It Time For Bitcoin, Rally In Jeopardy If Support Is Lost

Posted at 19:54h in Bitcoin News by

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Bitcoin markets are on fire once again, following a massive price spike last weekend on the heels of news Chinese President Xi Jinping spoke out in support of the blockchain technology Bitcoin is built on.

The rally, which set a record for the third-largest 24-hour gain in the asset’s 11-year history, is now in jeopardy of being almost completely erased if the crypto asset cannot maintain support at current levels, according to one crypto investor and trader.

Bitcoin Price Resting on “Must Bounce” Level Or At Risk of Further Fall 

All throughout the summer months, Bitcoin price bounced back and forth between peaks and troughs, forming a descending triangle that ultimately broke down. The triangle pattern support at $9,200 eventually gave way, and Bitcoin price dropped to the low $7,000 range.

Related Reading | As Bitcoin Price Drops To $9K, Here Are the Targets Traders Are Watching 

But last weekend’s powerful rally following news that China would support the development of…

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