Bitcoin Dropped to 8000, Crypto Market Lost $30 Bln Per Day

September 24-25, 2019 will be remembered as one of the largest dumps when the cryptocurrency market lost more than $ 30 billion. Bitcoin reached the end of the bear triangle and fell to a three-month low of $8,000.

Many analysts predicted that this week will present a massive decline to the support levels at $8,000 and they were right. Bitcoin has been declining slowly since the end of last week, when it fell below $10,000 and was unable to recover. The launch of Bakkt did not have a positive impact, and the markets did not respond.

As a result, the downward momentum began to accelerate as soon as support was broken at the level of $9,500, then two massive red candles appeared, dropping the first cryptocurrency to the level of $8,000. This area is a massive zone of support: as expected, many purchases were made, as a result of which Bitcoin rose again to $8,600.



The dump quickly gained momentum, and analysts remained silent until a certain point, after which they began to sound the alarm on Twitter with double force:

#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!

— Peter Schiff (@PeterSchiff) 24 сентября 2019 г.

$BTC

If Bitcoin fails to break above the current level, we'll get another retest of the support below - which has bounced once and could hold

But if this isn't a bear trap I do see price heading down to low $7ks

Lots of buyer are waiting between $6180 & $6500 pic.twitter.com/vStTrGzSyr

— Josh Rager (@Josh_Rager) 25 сентября 2019 г.

The situation for altcoins does not look better: Ethereum fell by 15% to a support level at $170, XRP reached a yearly low of around $0.24, falling by 11%, and Bitcoin Cash demonstrates a price of $230 with a severe 20% drop.