Price

Bitcoin (BTC) is pulling lower after doubling in value following a massive surge from 2018 lows. The flagship cryptocurrency remains under immense bearish pressure after a 130% plus rally since the start of the year.

Bitcoin Price Analysis

A rally past the $8,000 mark had for the first time, in months, reinvigorated investor interest on cryptocurrencies, as it came after a harrowing plunge in 2018. A 14% plus drop has since taken the cryptocurrency back to the $7,700 level, waiting to see if short sellers have what it takes to continue piling pressure.

Given the magnitude of the drop, the cryptocurrency remains in a precarious position. Crypto investors and experts are of the opinion that the cryptocurrency could tank further should it fail to demonstrate a speedy recovery. A plunge to the $7,100–7,300 range could be in the future, according to the analysts.

Enter Your E-mail Address To Subscribe

* indicates required





I want e-mail alerts, updates, and offers and agree to the CryptoCurrencyNews privacy policy.


The recent drop does not come as a surprise, as many expected it. Some speculate that certain Bitcoin whales decided to cash in on 2019’s massive climb, dumping their BTC when they had the chance.

>> Gartner Blockchain Study: 90% of Current Blockchains Obsolete By 2021

Bitcoin Sell-Off Trigger

Reports indicate that the sudden Bitcoin sell-off may be due to a so-called Bitcoin whale offloading their holdings due to an influx in supply. It has since emerged that the Bitcoin whale moved as much as 25,000 Bitcoin, worth more than $200 million, from an exchange wallet into the Coinbase crypto exchange.

The transaction is believed to have earned the mover a cool $15 million, having sold their BTC for $215 million before buying back $200 million worth of Bitcoin after the price dropped. The massive sell order is one of the triggers that fueled the downward movement, which appears to have had a ripple effect in the broader cryptocurrency sector.

According to cryptocurrency analyst, Josh Rager, Bitcoin struggling to find support above the $7,000 mark could trigger a bigger pullback. Failure to bounce back and take out the $8,200 resistance level could also give short sellers a reason to continue pushing the price lower.

Featured image: DepositPhotos © Thomaspajot

Sponsored Crypto Content

Products You May Like

Articles You May Like

Dow Struggles for Momentum as China Reignites Trade War
LIVE Bitcoin DEATH Cross LOOMS! July 2019 Price Prediction, News & Trade Analysis
They BANNED HIM For SAYING THIS? Cornell PROFESSOR Releases SHOCKING BITCOIN PREDICTION – HOT TIP!
Ripple CEO Defends XRP Following Washington, DC’s Crypto Response
Bitcoin Rises $1,200 in an hour! Bull Trap or Reversal?

Leave a Reply

Your email address will not be published. Required fields are marked *