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Bitcoin price holding up after drop to $8100 range
Bitcoin price holding up after drop to 8100 range
The king of cryptocurrency Bitcoin (BTC) is in trouble and the Bitcoin price plummet down to eight thousand one hundred dollars ($8100) mark just a few hours ago.
At the time of writing, BTC price is back up to the eight thousand six hundred dollars ($8600) range, however, the sudden free fall has taken a hefty toll on the coin’s total market capitalization.
On the other hand, the hash rate is also down from almost ninety-nine (98.87) Exahashes to almost fifty-eight (57.75) Exahashes.
Bitcoin price has been dwindling between the nine thousand six hundred dollars ($9600) and ten thousand two hundred dollars ($10200) for the past five days. On 24th September the price took a hefty plunge and kind of free fell to the eight thousand and twenty-four dollars ($8024) mark.
BTC price has since seen some correction and is now trading at eight thousand six hundred and eighty-one dollars ($8681.81) at the time of writing.
Bitcoin price free fall to $8100
The support around the ten thousand dollars ($10000) did not stay long. The price reduced and examined the level of support at around nine thousand and two hundred dollars.
The chart indicates a certain resemblance to that time when the BTC price dropped from six thousand dollars ($6000) to three thousand and two hundred dollars ($3200).
However, it is still unclear whether it actually repeats the move and if the Bitcoin price would see a correction of fifty percent (50%) soon. The range of resistance is at ten thousand dollars.
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Saad B. Murtaza
Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.
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