Popular Analyst Announces Bitcoin Fall: Bad News For BTC But…

Bitcoin (BTC) bulls are struggling fiercely with the panic atmosphere in the market due to the activation of a 2009 account. Nevertheless, the leading cryptocurrency has softened, and the BTC price fell to $ 8,700 levels. Scott Melker, one of the popular cryptocurrency analysts, tried to satisfy the curiosity of crypto investors by explaining the reason for this sudden drop in Bitcoin.

Uncomfortable Bitcoin (BTC) Bulls
Popular cryptocurrency analyst Melker said that falling below the four-hour 200 moving average (MA) was a turning point for the market and historically bad news. Melker said that the decline was a correction, although a pessimistic picture was formed in the short term, things were still in the long term. In addition, Melker said he would enter the long position at $ 8,700 and expressed his confidence in the BTC rise.

$BTC

Large time frame looks bad, but short time frames are oversold and this channel looks interesting. Losing the 4 Hour 200 MA is bad news,…