As a result of a wider sale in the cryptocurrency market, Bitcoin fell to the lowest price level in over 12 months. The lowest point of the Bitcoin price today was $5,669 – the lowest price recorded since November 11 last year. Wednesday was started at $6,997.96. Since then, the price of Bitcoin has slightly improved, after which it again fell, reaching a level of $5,665 dollars, which means a decrease of 10.11% in the last 24 hours.
The sharp fall in Bitcoin prices was also accompanied by rapid sales of other cryptocurrencies and digital resources. According to data published by financial media, tokens such as MANA, BAT and DNT over the last 24 hours have dropped by more than 20 percent.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The sell-off low was at the level of $5,287 so far, which means the long-term support at the levels of $5,500 and $5,728 had been broken and now they will act as a resistance for the price. The other resistance levels are located at $5,846 and $6,027. Currently, the market is in extremely oversold conditions, so some kind of a corrective pull-back higher would be welcomed.
The material has been provided by InstaForex Company – www.instaforex.com
As a result of a wider sale in the cryptocurrency market, Bitcoin fell to the lowest price level in over 12 months. The lowest point of the Bitcoin price today was $5,669 – the lowest price recorded since November 11 last year. Wednesday was started at $6,997.96. Since then, the price of Bitcoin has slightly improved, after which it again fell, reaching a level of $5,665 dollars, which means a decrease of 10.11% in the last 24 hours.
The sharp fall in Bitcoin prices was also accompanied by rapid sales of other cryptocurrencies and digital resources. According to data published by financial media, tokens such as MANA, BAT and DNT over the last 24 hours have dropped by more than 20 percent.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The sell-off low was at the level of $5,287 so far, which means the long-term support at the levels of $5,500 and $5,728 had been broken and now they will act as a resistance for the price. The other resistance levels are located at $5,846 and $6,027. Currently, the market is in extremely oversold conditions, so some kind of a corrective pull-back higher would be welcomed.
The material has been provided by InstaForex Company – www.instaforex.com
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