It hasn’t been a good day for the Bitcoin price as of today. A lot of value has been lost in very quick succession, yet no one seems to know where this downtrend will end exactly. With some basic technical analysis, it quickly becomes apparent numerous key support levels have been broken in quick succession. This free fall will end eventually, but for now, it will seemingly continue.
A Retrace was Completely Expected
It is always crucial to keep an eye on how fast a cryptocurrency market moves up or down. In the case of Bitcoin, the recent uptrend has been both impressive and violent at the same time. Such strong gains in quick succession cannot go by without a hefty correction of some sorts. That correction is currently ongoing, as the actual bottom may sit a bit lower compared to the current price.
As is usually the case when it comes to volatile cryptocurrencies, the current trend can turn around on a dime. There have been numerous attempts at reverting the Bitcoin trend today, albeit all of them have failed…