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More than 30 billion US dollars has been invested in cryptography assets in what has been one of the biggest 24-hour market dumps this year. Bitcoin reached the end of its bearish triangle and dropped to its lowest level in three months at $ 8,000.
Bitcoin crashes 17%
Many had predicted a significant drop in long-term support of about $ 8,000 this week, but it's still shocking to see it happen. Bitcoin had been slipping since the end of last week, when it fell below five digits again and failed to recover. Bakkt was disappointing and the markets did not react although they did not expect it.
The move took place when BTC reached the summit of the great descending triangle that formed from the summit at the end of June. The downward trend began to accelerate as support at $ 9,500 was interrupted. Then came two huge red candles that sent Bitcoin back to $ 8,000, according to Tradingview.com.
1 hour BTC Chart Course – Tradingview.com
This zone is a massive support zone and, as expected, many purchases were triggered, resulting in an hourly closure of $ 8,600. It seems to be installed in this area for the moment.
The dump was so great that Bitcoin's lows did not waste time on Twitter. Goldbug Peter Schiff was one of the first to react by claiming an even lower slip.
"Bitcoin finally broke under the support line of the great descending triangle it had been cutting for months. This is a very bearish technical model, which confirms that a major summit has been established. The risk is fast for a quick descent to $ 4,000 or less! "
#Bitcoin finally broke below the support line of the great descending triangle she had been cutting for months. This is a very bearish technical model, which confirms that a major summit has been established. The risk is high for a quick descent up to $ 4,000 or less!
– Peter Schiff (@PeterSchiff) September 24, 2019
The $ 4,000 call is a little extreme, but expect to be anti-crypto. The analyst Josh Rager, who has identified some of the larger shopping areas, has made a more balanced prediction.
"If Bitcoin does not manage to exceed the current level, we will have another test of the support below – which bounced once and could hold. But if it's not a bear trap, I see the price drop to $ 7. Many buyers are waiting between $ 6,180 and $ 6,500 ยป
If Bitcoin fails to exceed the current level, we will have another test of the support below – which bounced once and could hold
But if it's not a bear trap, I see the price drop to $ 7.
Many buyers are waiting between $ 6,180 and $ 6,500 pic.twitter.com/vStTrGzSyr
– Josh Rager ? (@Josh_Rager) September 25, 2019
Annihilated Altcoins
With Bitcoin being crushed, the situation for the rest of the crypto markets is grim. Ethereum was overshadowed by 15% in a decline to $ 170 where it currently holds support.
The XRP hit a new annual low below $ 0.24 in an 11% slide and Bitcoin Cash was crushed to $ 230 in a huge 20% dump.
Tether returned to fifth place in terms of market capitalization, with Litecoin losing 15% of its capital under a drop below $ 60. EOS lost 22% in an epic crash at $ 2.90 and Binance Coin was injured at $ 16, down 16% on the day.
September 25th was one of the largest crypto deposits in the market of the year.
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