Bitcoin Price Falls Below $8,500 BTC/USD as Crypto Market Sheds $30 Billion in Hours

Crypto Market Sees a Bloodbath, Bitcoin Falls by More Than 10%, Altcoins See Bigger Downfall

Bitcoin has fallen by more than 14%, plunging its prices below $8,500 USD.

After seeing a high of $13,800 towards the end of June this year, bitcoin's price has been consolidating for the last three months ranging between the lower highs above $11,000 and higher lows between $9,000-$10,000. The current price movement of the coin is at its weakest since December last year, and it may decline further just one day after Bakkt released its highly-anticipated bitcoin futures trading platform.

The price of Bitcoin has been moving in a symmetrical triangle for the last three months, with a possibility of a breakout in either direction. However, due to the impending reward halving in the first quarter of 2020, the market was bullish and bitcoin proponents were expecting an upward movement. But, the MACD indicator which is used to see the changing trends saw its value fall to -206, the lowest since December.

For the last three months, Bitcoin has been testing the bottom of the symmetrical triangle breaking above every time but falling short of a key breakout. One analyst had predicted the fall based on the On-Balance-Volume (OBV), an indicator based on market volume movement which helps the analysts predict trends before they occur. The indicator is described as a “spring being wound tightly, ” and when the spring is uncoiled, the price move in that direction.

The price of the Bitcoin has fallen below the critical horizontal channel, and a critical drop ranging between $5,800-8,500 BTC/USD.

$BTC still in the same horizontal channel on the daily. OBV looking really weak and really struggling to stay in the channel. If OBV can't break up soon we could see a bigger drop. pic.twitter.com/NwMrJ8rk5z

— Income Sharks (@IncomeSharks) September 24, 2019

At the press time, bitcoin's lowest value was trading at $8,370 and if the downfall continues, it might test the support of the last bear market cycle.

Bitcoin price volatility was quite low during this period and even major events like CME bitcoin quarters as well as Bakkt Bitcoin futures didn't really push the prices up. In fact, Bakkt futures which were launched less than 24-hours ago, neither garnered huge demands, given the bullish sentiments riding behind such a massive announcement nor helped the prices to breakout higher.

Altcoins Sees Even Nastier Bloodbath

While Bitcoin was trading at more than 13% dip on the 24-hour price chart, altcoins saw even a bigger downfall, with most of the altcoins in top-10 seeing a decline of more than 10%.

BSV was the biggest loser with a 34.88% decline, EOS which went under a hard-fork yesterday saw a plunge of 27.69 % followed by BCH at 25.16%.

Who knows where the crypto market goes from here. It was reported the price of BTC hit $7,800 on Binance. However, one not need to look any further than crypto twitter to see how the community is responding to the recent drop:

I bought more Bitcoin today 🙏🏽

— Pomp 🌪 (@APompliano) September 24, 2019

and the Crypto Trader TV show host:

Buying BTC $8600. Eos $2.77. BNB 16.80.

Wish me luck!

— Ran NeuNer (@cryptomanran) September 24, 2019

and popular cryptocurrency trader with clout in the community:

Sub $9k $BTC is a gift 😂

— Josh Rager 📈 (@Josh_Rager) September 24, 2019

We will be sure to update with the latest cryptocurrency market news and bitcoin price updates as they happen.