Bitcoin Price Falls Below Its Most Important Support, What Does it Mean?
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BTC rallied from below $75,000 after last week’s FOMC meeting to nearly $83,000 on May 6, a roughly $8,000 gain in under a week and the highest level since late January. A subsequent >$3,000 pullback pushed BTC below a key support level, increasing short-term bearish risk for crypto markets and raising concerns about market momentum and volatility.
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Bitcoin went through an impressive rally from last week’s FOMC meeting, when it dipped below $75,000, to May 6, when it surged to almost $83,000 for the first time since late January.
After gaining roughly $8,000 in less than a week, though, the bears stepped up and pushed it south by over three grand. According to Ali Martinez, this means that BTC has slipped below a crucial support.
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Coins
$ 73.57K
-2.09%
$ 0.0029
-4.17%Predictions Markets
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In This News
Coins
$ 73.57K
-2.09%$ 0.0029
-4.17%Predictions Markets
See what traders are focused on
Share:
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