RATE Group | Weekly BTC Gains Wiped Out, Has Bitcoin’s Big Dump Just Begun?
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Weekly BTC Gains Wiped Out, Has Bitcoin’s Big Dump Just Begun?

23 Oct Weekly BTC Gains Wiped Out, Has Bitcoin’s Big Dump Just Begun?

Posted at 05:00h in Bitcoin News by

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The signals have all been pointing to a large downwards move for Bitcoin and it may have just initiated as BTC drops below $8k yet again. Could this be the move that spells the return of the bear market and crypto winter, or will Bitcoin cling to support for another day?

Bitcoin Back in The $7k Range

Within the past hour Bitcoin has fallen back below $8,000 for the fifth time this month. According to Tradingview.com BTC began its slide in late US trading yesterday and continued into the Asian session this morning. It bottomed out at just above $7,900 and appears to be holding just above that at the time of writing.

bitcoin

BTC prices hourly – Tradingview.com

The bearish signals have been mounting up as the month long consolidation period has drawn out. A big move has been expected as one usually follows the accumulation of these signals.

As trader and analyst Josh Rager pointed out, historical volatility is descending to levels that would indicate a breakout.

“With a slow sideways market,…

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