Bitcoin Price Risks Falls to $7.5K after Third Biggest Daily Loss of 2019
September 26, 2019
Bitcoin Price Risks Falls to $7.5K after Third Biggest Daily Loss of 2019
September 26, 2019

Bitcoin fell sharply on September 24, Tuesday, confirming that a bearish reversal and opening the doors for a test of crucial price support near $7,500.  

It has been reported that the leading cryptocurrency by market value ran into selling pressure around $9,700 in the early U.S. trading hours and fell to a 3.5-month low of $7,998 at 19:45 UTC on Bitstamp.

As discussed earlier this week, BTC had been on the slippery ground following Tuesday’s volatility band breakdown. A widely-followed indicator was also reporting the strongest a bear bias in nine months.

The price slide was likely troubled by a long squeeze, when investors struggled to sell long positions to cut losses in a falling market, thus creating further downward pressure on prices.

However, while a price drop was expected, the magnitude of the sell-off has caught many by surprise. The cryptocurrency fell by 11.83 percent on Tuesday – 2019’s third-biggest single-day drop, as per Bitstamp data.

Image Source: Coindesk

This year, BTC has seen double-digit daily losses four times. The biggest single-day loss of 2019 witnessed on June 27 marked a healthy correction from a 17-month high of $13,880 reached on the previous day.

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Likewise, the latest double-digit price slide has taken the cryptocurrency below major support levels. Therefore, a deeper drop toward $7,500 – a level seen a week ahead of Facebook’s launch of Libra – could be seen over the next few days.

It has also been reported that BTC is changing hands around $8,400 on Bitstamp. It’s worth noting that the cryptocurrency is still up about 127 percent on a year-to-date basis.

Currently, prices are hitting with the 200-day moving average (MA) support at $8,309. That long-term MA has come into play for the first time since April and will likely be cracked, as the post-triangle breakdown price drop looks to have legs – volumes hit three-month highs on Tuesday.

Therefore, BTC risks extending losses to support at $7,500 – lows seen before Libra hype grasped the market in mid-June.

Peter Schiff, the CEO of Euro Pacific Capital

Furthermore, the triangle breakdown could fetch a drop to $4,000, as tweeted by bitcoin skeptic and Peter Schiff, the CEO of Euro Pacific Capital. However, that target looks far-fetched.

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Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, and guides.
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