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As Bitcoin's Price Slows, Maintaining Crucial Supports Is Key To Avoiding Massive Downturn
Summary: Bitcoin's price action has been slowing in recent weeks drawing the attention of crypto commentators and analysts. One popular commented noted in a tweet that BTC is underperforming by a significant margin on Wednesday, October 7. Despite this, he said he did not plan on shorting the leading cryptocurrency until its price closes below crucial ...
Bitcoin's price action has been slowing in recent weeks drawing the attention of crypto commentators and analysts.
One popular commented noted in a tweet that BTC is underperforming by a significant margin on Wednesday, October 7. Despite this, he said he did not plan on shorting the leading cryptocurrency until its price closes below crucial support levels.
The most critical support is in the lower $10,000 region. If BTC drops too far below $10,500 it could lead to declines as low as $8,000, one analyst noted in a tweet.
Bitcoin experienced a mild price drop on Tuesday, October 6 after U.S. President Donald Trump announced he was halting stimulus package negotiations. It remains unclear how the pandemic affects Bitcoin's price, but to date the currency has remained correlated with the U.S. stock market.
At the time of writing Bitcoin is trading hands for $10,657 and is down 0.48%.
By Emily Mason
Tags: Bitcoin,BTC,COVID-19,U.S. stock market
Link: As Bitcoin's Price Slows, Maintaining Crucial Supports Is Key To Avoiding Massive Downturn [Copy]
