RATE Group | Sea of Red: Bitcoin Price Dives Sharply Below $6500
38085
post-template-default,single,single-post,postid-38085,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
 

Sea of Red: Bitcoin Price Dives Sharply Below $6500

08 Aug Sea of Red: Bitcoin Price Dives Sharply Below $6500

Posted at 12:12h in Bitcoin News by

[ad_1]

The price of Bitcoin fell sharply going into the daily close, marking another bearish start to the week. With prices plummeting firmly back towards previous lows, investors and traders alike are once again wondering how much bullish resolve there is in the cryptocurrency market.

Daily Chart

Bitcoin price 00 went into Tuesday encouragingly bullish, with Asian and European markets bidding prices up 3% to highs of $7,150. The low volume rally was later rejected. A sharp selloff ensued pushing prices back down to below $6,700, representing a blow to the bulls who hoped that $6.800, the 61.8% Fibonacci retracement of the July bull, would act as a key level of support.

Bitcoin is now firmly into the critical price range, which has previously proven to be strong support, with $6650-$6800 being a key area where buyers must enter the market to avoid Bitcoin making new lows.

1 Hour Chart

Bitcoin is now firmly into the critical price range which has previously proven to be strong support, with $6650-$6800 being a key area where buyers must enter the market to avoid Bitcoin making new lows

Looking at the hourly chart, there are early signs of a bullish reversal, with a divergence between price…

[ad_2]

Source link

Tags:
, , , , , ,