Bitcoin (BTC) is rapidly depreciating today, with a loss of over 21% in the last 24 hours. The price dropped in the panicked trade, dropping below $ 6,000 on BitMEX.
Bitcoin prices showed that they suffered further from the general uncertainty in the stock markets. After tentatively stabilizing for a day, BTC fell apart, with a slide that can't be stopped.
Extreme panic and swift movement in the futures market quickly erased the value, breaking bitcoin below $ 6,000, a level not seen since the 2019 slump. $ 8,000, and made a free fall during European business hours.
– Pip (@HowesMarcus) March 12, 2020
BTC was trading at $ 5,891 on BitMEX and fell to $ 6,022 on the spot market. The recent precipitous drop in prices occurred in relatively low volumes of $ 41 billion. The accident occurred despite reports of new USDT releases flowing into the ecosystem. The newly injected USDT for now cannot counter the panic sell.
After the initial shock, Bitcoin's prices rebounded a bit to $ 6,132, but by no means still not looking good. Previous predictions saw the "maximum pain" for BTC between $ 7,000 and $ 6,000. But now, predictions of a drop to $ 5,000 or even a collapse to $ 3,000 don't seem so outlandish. BTC remained very volatile, then fell back to $ 6,039 again.
Last support pic.twitter.com/ojQ3dgDdMy
– Alejandro 🇪🇸 (@ Pastore1314) March 12, 2020
Breaking below the long-term bullish trend can send BTC into a lower price range, erasing previous expectations for a year of smooth price action, culminating in a rally in half. Now bitcoin is back in almost unexplored territory, proving that its price action does not follow the narrative of a safe haven.
The current decline is seen as maintaining and achieving higher stability or valuations, or absolute capitulation at much lower prices. With locks and general global uncertainty, Bitcoin faces a dramatic decision period.
The fall may not have ended, with the territory below $ 6,000 still vulnerable.
– Don Lopez 🇺🇸🇩🇴 (@MrDonLopez) March 12, 2020
The recent price collapse started after Bitcoin stalled rising above $ 9,200, then only briefly held support levels between $ 8,000 and $ 7,000. Now the newly created panic will chart a new path for past booming BTC and altcoins. For now, only very reckless predictions see BTC hitting bottom at these levels. Previous calls of around $ 7,800 turned out to be a wrong prediction.