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Bitcoin Finally Crashes Beneath $7k Price Range

Bitcoin Finally Crashes Beneath $7k Price Range
  • Bitcoin’s price at the time of writing is $6,770 following a seven percent fall over the past 24 hours.
  • This week, the flagship cryptocurrency crashed through its support of $7.4k. This in turn triggered a technical reversal on the daily chart. 

Well... it finally happened, the leading cryptocurrency took a tumble down the hill. Well, it was more like a fall off a mountain as Bitcoin’s price at the time of writing is $6,770 following a seven percent fall over the past 24 hours. The momentum that the bitcoin price had made when it was able to make a 2019 high of $13,800 has just been lost, giving way to a rapid downturn.

BTC Crashes

This week, the flagship cryptocurrency crashed through its support of $7.4k. This, in turn, triggered a technical reversal on the daily chart. 

Not many people are going to be happy about this but, the gold bug and bitcoin naysayer finally made a prediction and got it right.

As per CCN:

“A head-and-shoulders structure is one of the most reliable reversal patterns in technical analysis. Thus, from a technical perspective, bitcoin is now in a downtrend, and many expect that it would plummet to $6,000.”

Clem Chambers, the CEO of ADFN and Online Blockchain Plc, has predicted that capitulation will strike at $6k. He said:

“Bitcoin is entering a capitulation phase as you can more easily see when you remove the recent dump and bump from the chart.”

For more news on this and other crypto updates, keep it with CryptoDaily!

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