Millions of People Have Realized that Bitcoin Crushed Back to May Prices
Bitcoin, the highest market capitalized crypto asset in the world, was destroyed by U $ 6,836 (-6.97 percent) in the last 24 hours based on data from Coinmarketcap. Meanwhile, data from Coindesk, Bitcoin is even "more sadistic" at US $ 6,712. Swooping in sharp Bitcoin, delivering the Crypto Asset King back to the price of May 11, 2019. This is the lowest point for more than 6 months
At this point, Bitcoin has fallen more than 35 percent from its recent highest level, more than US $ 10,000 in October 2019 and more than 50 percent from its highest level in 2019 which almost reached US $ 14,000 in June.
"The price of Bitcoin is still under pressure, mainly because of speculative news from China, mainly the Binance branch in Shanghai which was said to be closed by the authorities. That clearly reduces the positive sentiment from the market, "said Joe DiPasquale, CEO of BitBull Capital.
Michael Conn, Founder of Quail Creek Ventures, did not dismiss some of that opinion. According to him, although there are still rumors in the market about China's crackdown on the Binance office in Shanghai, I think most of the pressure comes from other speculators. Technically, I think very little support has emerged, "he said
Jon Pearlstone from Crypto Patterns even revealed, going forward, Bitcoin might experience an additional decline.
"Although there are several key technical indicators that continue to show the potential to rise, for now bearish is still in control, at least test support at US $ 6,500 to US $ 5,000," he said. [Forbes]
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