The cryptocurrency market remains under pressure, leading to a new wave of sales in Bitcoin, thus causing the loss of the key support of USD 8000.
The collapse of the cryptocurrency market does not seem to stop, which is leading to a new wave of sales in Bitcoin. This is causing the leading crypto asset to lose the key support of USD 8,000.
In most of the sources consulted it has been found that the drop in the price of Bitcoin is due to the sharp decline in the Hash rate on September 24th, 2019. In a matter of minutes, it went from 98,000,000 TH/S to 57,000,000 TH/, which represents a fall of 41.83%.
At the time of writing this article, the Hash rate has already recovered above 90,000,000 TH/S. The truth is that investor fear has achieved an extreme level, at least as reflected in an indicator of Bitcoin market sentiment known as the Fear & Greed Index, with a value of 12 points.
What Should Be Expected from Bitcoin
It is expected that bulls and bears will be fighting a tough battle over the USD 8,000 zone, which will be the great value to be defended by the leading currency. In the event that investors are not able to close the day above 8k, it may result in a new wave of sales in Bitcoin.
Investors should also keep close sight of the movements made by the whales within the next few hours, since they may provide clues as to whether the market will continue to fall or begin the upward correction. All the information on this activity can be followed online through a crypto whale tracking application.
In addition, it is necessary to follow closely the evolution of the futures of Bakkt, which so far have been really disappointing. This factor has also had a negative influence on the price of Bitcoin.
Investors should be attentive to whatever may happen to the options in Bitcoin offered by Chicago Mercantile Exchange, since their date of expiry is approaching and they have undoubtedly stimulated a wave of speculation leading to the current fall of Bitcoin.
Imminent Recovery in Sight
Many people are talking about an imminent recovery of Bitcoin, supported above all by the “offer” of its price. The upward trend will continue in the medium term, and so betting on the leading cryptocurrency at this level is more than interesting, according to several experts consulted.
All seems to indicate that within the next few days, after the speculations as to the dates of expiry dissipate, the price of Bitcoin may rise sharply and even recover its USD 10k price.
It has been observed on other occasions that Bitcoin has the ability to recover from extreme situations, such as the one it has experienced in recent weeks. It may take the leading cryptocurrency some time to return close to its all-time high but will very probably manage to do so. Investors have been placing great trust in Bitcoin, and so they still bet on its great growth potential.
By Willmen Blanco
